New Suez Canal Nears 10km Mark
- Business & Finance
Egyptian government officials on Thursday, January 29th 2015, held a press conference about the New Suez Canal informing the public on the progress being made on the project.
Chairman of the Armed Forces Engineering Authority, Maj.-Gen. Kamel El-Wazir said that so far about 10 kilometers of the New Canal have been dredged up. At the moment, depth of the new waterway ranges between 9 to 24 meters.
New Suez Canal dredging project, one of the largest in recent history, is estimated to be worth over $2.1 billion. The project was funded through issuing investment certificates to Egyptians with 12% returns.
The new waterway is expected to become a global hub due to its logistics and industrial services. In addition to creating a new canal, some existing sections of the current Suez Canal will be broadened and deepened.
Official estimates show that over 250 million cubic meters of sediment will be removed during the works.