Egypt opened new Suez canal - Works total USD 9 billion

(Photo: Federico Rostagno/shutterstock.com)

With the aero meeting and navigation parade headed by president of Egypt, Abdel Fatah el Sisi, held on Thursday, August 6, 2015, new Suez canal was opened.

The project of construction of expanded Suez canal started August 5, 2014 after decision of the Egyptian president El Sisi. Primary, it construction was planned to last for five years then it was shortened to three years and then, upon the request of the Egyptian president, it was carried out for only a year.

The canal was completed July 23 this year when trial sail was carried out via ships of highest capacity so that its transport usability would be proved.

The project comprises 37km of new, parallel canal and 35km of existing canal expansion.

The Egyptian government hopes the project will more than double income generated through the fee for canal sailing which is a key source of budget income of Egypt from USD 5,3 m as much is expected in 2015 to 13,2 billion in 2020.