U.S.$8 Bn Suez Canal Project nears completion

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New suez canal project
The Suez Canal

The construction of the Suez Canal project at a cost of US$8 Billion is set to improve the country’s economic status once commissioned.
The country’s biggest ongoing project is set to be commissioned in August as the project construction is on its final stages.
This comes barely after Egypt was named as one of Africa’s biggest economies and tourist destinations and this has been influenced by its rate of recovery from the 2011 crisis.
According to Egypt Press and Information Officer at the Egyptian embassy in Nigeria, Ahmed Maher the mega project which once completed will have cost the country US$8.4 billion will reduce the jam caused and double up the traffic of cargo across Africa to Europe with the prospect of helping the country in taking a huge come back economically.
The canal construction created over 41000 jobs abd they were all engaged since the project began 10 months ago.
Maher added that the canal is expected to double up its economic contribution so that the old canal can bring an additional six more tunnels for cars and rails.
The project which was started ten months ago was aimed at extending the existing Suez Canal which is located between Red sea and Mediterranean sea and upon end of the project there will be six new tunnels which will transform a 76,000 Km area on both banks of the canal.
The Suez Canal area development and the Second Suez Canal project are seen as the most important drivers of economic recovery for Egypt, with the hope that it will be an economic turning point away from the instability that has affected it in recent years. “The Suez Canal area development project aims to attract private investment to the area surrounding the canal, transforming several cities into a regional and hopefully, global logistics hub”.

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