The construction of the Suez Canal project costing US$8 Billion is set to improve the country’s economic status once commissioned in August.
This comes barely after Egypt was named as one of Africa’s biggest economies and tourist destinations, influenced by its rate of recovery from the 2011 crisis.
The canal construction created over 41,000 jobs – all engaged since the project began 10 months ago. The project was aimed at extending the existing Suez Canal between Red sea and Mediterranean Sea and adding six new tunnels.
According to Egypt Press and Information Officer at the Egyptian embassy in Nigeria, Ahmed Maher the mega project will double the traffic of cargo across Africa to Europe.
The Suez Canal area development and the Second Suez Canal project are seen as the most important drivers of economic recovery for Egypt,
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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