Suez Canal: A Global Hub

Egypt is advancing its long-term development plans for the Suez Canal, aimed at transforming the waterway into an “international economic hub,” Director for Planning at the Suez Canal Authority, Mahmud Rizq, said.

The necessary funds are set to be presented to both local and international banks in January next year.

Last January, the government announced that 14 consortia out of 25 had qualified to participate in the $20bn Suez Canal Regional Development Project, which is top of the government’s priorities, according to the Minister of International Cooperation and Planning Ashraf al-‘Arabi. Announcement of the winning consortium among the 14 is expected shortly. This will be followed closely by the submission of the master plan to the Egyptian cabinet, Mr Rizq said. (CONTINUED - 355 WORDS)