The New Suez Canal project would immensely serve Sinai development, Chairman of the Suez Canal Authority Mohab Mamish said Thursday.
At a meeting with Military Production Minister Ibrahim Yunis, he added that the inauguration of the project on August 6, 2015, one year after its ground-breaking ceremony was held by President Abdel Fattah El Sisi, would testify to the great abilities and inner potentials of the strong-willed Egyptians.
He said that work on the new project is going in parallel with digging operations at the original canal to deepen its bed to 66 feet.
He noted that the authority, in collaboration with the concerned ministries will be stretching 24 power, communication and drinking water lines under the waterway to provide development services to Sinai on the other bank of the canal.
He said that the New Suez Canal project in which 25,000 Egyptian workers are employed is one of the mega national projects of the current century.
The completion of the New Suez Canal is promised to transform Egypt and drive up its economic growth. The chairman of the Suez Canal authority has promised that the revenues from the Suez Canal (after the completion of the New Suez Canal) will jump from 5 billion dollars to 12.5 billion dollars annually and the Egyptian government has said that these revenues will be used to transform the cities along the Canal (Ismallia, Suez, and Port Said) into international trading centers. The government has also said that many new projects in the Suez province are being studied as a result of the building of the New Suez Canal, such as the building of glass factories, cement factories, and fish farms and the completion of a tech valley.