The opening of the New Suez Canal will contribute effectively on the world trade movement and will pave a way for Egypt for the biggest project in the world during the upcoming period which is the Suez Canal axis development project, said economic expert Hussein Sabbour.
The project will contribute to putting Egypt on the map of mega investments, Sabbour added in statements Monday.
The new waterway will lead to doubling the annual revenue for the canal from 5 billion dollars to 10 billion dollars along with doubling the services offered to international trade, he said.
The project shows the will of Egyptians to succeed and stand behind the political leadership, he noted.
Egypt will inaugurate the New Suez Canal on August 6 which will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.
Called the Suez Canal Corridor, the 72-kilometer new project involves a 37-kilometer new waterway and deepening and expansion of the existing 145-year-old Suez Canal along a 35-kilometer stretch.
The project, estimated to have cost about $8.5bn, aims at expanding the Suez Canal region's role as a global, industrial, and logistics center that is environmentally balanced with an integrated economy.
It is also projected to become a global hub due to its logistics and industrial services.
The new route will reduce navigation time from the current 22 to 11 hours. Both canals will be connected by four smaller waterways and together will continue to provide the fastest route for shipping between Europe and Asia.