9 August 2014

Egypt: Mamish - Egp 60 Billion Costs of New Canal Project

Photo: Wikimedia Commons
The Suez Canal.

Head of the Suez Canal Authority (SCA) Mohab Mamish said that the new Suez canal project represents a beginning for a solid relation between the State and investors in Egypt.

Mamish pointed out that a flexible method will be taken into account in dealing with investors through simplified procedures and in coordination with the ministries concerned and sovereign bodies in the State.

He explained that lands of the project will be provided under the usufruct system for foreign and local investors for long and renewable periods. He added that the new project will be an important step on the road for the success of the development process in the Suez Canal region and development of the Egyptian economy thus turning Egypt into a global commercial and logistical hub.

Mamish made clear that the total cost of digging works reaches nearly EGP 60 billion.

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