Bank account for donations set up to fund new Suez Canal opening
The New Suez Canal - YOUM7

CAIRO: Egypt has launched a bank account for public donations to help funding the inauguration ceremony of the new Suez Canal waterway, Chairman of the Suez Canal Authority Mohab Mamish said Monday.

The fund’s account number, 682015, refers to date of the inauguration ceremony scheduled for August 6, 2015, Mamish said, adding that the World Bank will be monitoring the account which accepts donation either by local or foreign currencies.

On Saturday, Mamish announced that the UK’s WPP Company for advertising and public relations will organize the ceremony.

The inauguration ceremony will introduce the advantages along with investment opportunities the new project offers, Mamish said, adding that a number of Egyptian investors will also participate in funding the inauguration.

The news 72-kilometer long canal project was launched in August 2014 with a one-year deadline instructed by President Abdel Fatah al-Sisi. It involves a 37-kilometer new waterway and deepening and expansion of the existing 145-year-old Suez Canal along a 35-kilometer stretch.

Egypt hopes the project will increase shipping traffic to 97 ships per day by the year 2023, up from 49 ships at present, and also to increase canal revenues from $ 5.3 billion at present to $ 13.226 billion in 2023, according to Suez Canal Authority.

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