72.1% of dredging at New Suez Canal finalized

Up to 185.959 million cubic meters of water-saturated sand have been dredged so far as part of the Suez Canal Development Project.

This represents 72.1 percent of a total 250 million cubic meters that should be dredged as part of the project.

Thirty-nine dredgers are working in the project, said Wagdi Zaki, the executive director supervising the dredging process, said in statements Wednesday.

The project aims at expanding the Suez Canal region's role as a global, industrial, and logistics center that is environmentally balanced with an integrated economy.

It is also projected to become a global hub due to its logistics and industrial services.

The project was funded through granting investment certificates to Egyptians with 12% returns, and in eight days, more than 60 billion pounds were collected.