New Suez Canal to double Egypt's exports in 5 years

The New Suez Canal will increase Egypt's exports from $4.6 billion to nearly 8 billion dollars in five years, Agriculture Minister Salah Helal said on Wednesday.

The new shipping lane will have a positive impact on the agricultural field in Egypt and will attract the world's most reputable shipping companies, he said.

It will cut also shipping costs and increase competitiveness among Egyptian companies, he added.

Helal stressed that the new waterway is a gift from Egypt to the whole world.

The agriculture ministry and its affiliated directorates nationwide have geared up to celebrate the inauguration of the New Suez Canal on Thursday.

The new 72-kilometer waterway, built in less than a year at a cost of 60 billion EGP, runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean.

The legendary project was mostly financed by investment certificates sold to Egyptians.
Source: MENA