Egypt invites investment in new Suez Canal project

Monday, 19 January 2015 00:17 - - {{hitsCtrl.values.hits}}

Reuters: Egypt on Thursday invited foreign investors to take part in the building of the new Suez Canal, the flagship project in President Abdel Fattah al-Sisi’s program to revive an economy battered by years of political turmoil. The $8 billion project is aimed at expanding the waterway, which the government hopes will raise revenues and foreign currency reserves. “I would like to welcome all friendly countries to participate in the Suez Canal development project. We’re going to work on this project hand in hand with an open mind and with flexible investment regulations that encourage investment in the Suez Canal area,” said Lieutenant General Mohab Memish, head of the Suez Canal Authority. Egypt hopes the new canal will more than double revenues from the waterway by 2023 to $13.5 billion from $5 billion. It also plans to develop 76,000 sq km (29,000 sq miles) in the area into an international industrial and logistics hub to attract more ships and generate income. The new canal is to be built alongside the existing 145-year-old waterway which is the fastest shipping route between Europe and Asia. Income from the existing canal provides a vital source of hard currency for a country that has suffered a slump in tourism and foreign investment since the 2011 uprising. Army engineers began digging in the area in August when the project was unveiled. Egypt’s central bank governor said last September the state had reached the $8.5 billion funding goal for the project, which it has financed through the issue of investment certificates in the domestic market. The new canal is scheduled to be completed by August 2015, an ambitious target set by Sisi.

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