CAIRO: Egypt will finalize digging of the newly-launched Suez Canal project by April 2015, head of Engineering Authority for Egyptian Armed Forces Emad El-Alfy said Friday.
“300 million cubic meters will be dug in the new Suez Canal project,” he announced in a Friday interview on CBC TV channel.
Alfy added that the Authority has been working on 850 new projecst; including building a new Suez Canal parallel to the current one as well as building up to 3,200 km of new roads across Egypt.
“So far, 14.5 million cubic meters have been dug in the New Suez Canal project,” spokesperson Mohamed Samir stated Friday on the military’s official Facebook page, pointing out that some 46 companies are now working at the project site.
President Abdel Fatah al-Sisi announced during the inauguration ceremony of the Suez Canal Axis Development Project on August 5 his plans to build a new 72-km Suez Canal with a total cost of $4 billion alongside the existing Suez Canal that will be entirely financed by Egyptians, with investment policies available at 100 EGP for ordinary citizens, $100 for Egyptians abroad, and 10 EGP for students.
The Suez Canal Project is meant to add an extra waterway to the Suez Canal, one of Egypt’s most important thorough fares for trade in an attempt to increase the number of ships passing through it each day. Egypt’s revenues from the Suez Canal totaled at $442.4 million in November 2013, according to the Suez Canal Authority.
Sisi called on authorities to hurry in conducting development projects, saying, “We are in a race with time, we want to build our country, and by God’s will we will finish the project next year.” Studies, however, have indicated the project should take 3-5 years.