Egypt’s Suez Canal expansion set for 2015

USS_America_(CV-66)_in_the_Suez_canal
The Suez Canal

According to Mahmoud Rizq director of the department of planning at the Suez Canal Authority (SCA), Egypt’s government will be presenting its ambitious plans for the development of the Suez Canal in January 2015 to both local and international financial institutions and several companies.

The project comprises developing ports of Port Said, Al-Arish and Ain Sokhna. EGP 2bn ($US 281m) has been allocated to finance studies and the infrastructure of the project.

The government is preparing to present the project’s plans at the international conference arranged to attract funding of the project and will be receiving and screening offers beginning as early as February 2015.

Rizq said fourteen consortia had competed for the deal of preparing the plans for developing the Suez Canal and a committee consisting of international expertise was formed to appraise bids and choose the winning consortia.

At a conference at Suez Canal’s simulation center the chairman of Suez Canal Authority Mohab Memish, revealed that the canal is gaining growth rates with foreign currency increasing by 4.9% and 14.6% increases in revenue locally.

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