After attending the graduation ceremony of a batch of the Air Force academy, President Abdel Fattah El Sisi inspected today by air the New Suez Canal Project and the ongoing preparations for the canal's inauguration ceremony, which is due on August 6.
A host of world leaders and senior officials from several countries will attend the opening of the New Suez Canal.
The New Suez Canal is considered an achievement for the Egyptian people, who managed to fund this national project, said Presidential Spokesman Alaa Youssef.
Egypt plans to start a development project in the canal area to provide new jobs and contribute to the overall development process and economic progress, he added.
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.