New Suez Canal on Right Track

New Suez Canal on Right Track

President Abdel Fatah al-Sisi hailed the Egyptians’ unprecedented turnout for buying investment certificates needed for funding the New Suez Canal, Presidential spokesman Ehab Badawi said.

He said the president made his comments during his meeting with the head of the Suez Canal Authority Mohab Mamesh. Badawi quoted Sisi as asserting the project should be implemented on time as scheduled.

Egypt has raised more than the EGP 60 billion in just eight days to fund the project.

The New Suez Canal project will boost Egypt’s economy and help speed up the movement of vessels through the 193 km long canal, which connects the Red Sea to the Mediterranean Sea.

Press Release, September 19, 2014