CAIRO: The Ministry of Housing set a number of infrastructure and service projects at the Canal governorates Suez, Port Said, and Ismailia with a total value of 1 billion EGP, Minister of Housing Mustafa Madbouly announced Sunday.
These projects were created to cope with the current developmental projects in Suez Canal region and Sinai reconstruction, Al-Mal Business daily reported Sunday.
Construction bodies already embarked on executing the developmental projects and that a large number of these projects will be executed by the end of Dec. 2014 and the rest will be completed early 2016.
“By executing such projects, the ministry aims to serve major developmental projects in the region, including the Suez Canal expansion and the Suez Canal Axis Developmental projects,” Madbouly said. Developmental projects in the area will include new roads, bridges, electricity plants, and housing units.
On Aug. 5 during presidential orientations, more than forty construction companies embarked on digging a new branch in the Suez Canal to raise its revenues to $13.5 billion by 2023, Al-Ahram reported.
The length of the new branch will be 34 kilometers, aiming to shorten the waiting period for vessels in the lakes’ area.
The government is set to soon embark in executing a project to develop Suez with a total cost of 50 billion EGP to begin within six months, Prime Minister Ibrahim Mahlab was quoted as saying in an interview with Al-Nahar on Aug. 6.
Such projects are a “quantum leap” for Egypt and would help in curbing the economic crisis, founding member of Popular Front of the Suez Canal Axis (PESCA) Ashraf Dewidar told CNBC Arabia Sunday.
“It’s a comprehensive project … and will include surrounding governorates such as Port Said, Ismailia, and Suez,” he added and that the project will provide 1.5 million job opportunities and the expected annual revenues in the next seven years might reach $100 billion.