This image will be automatically disabled when it gets reported by several people.
Suez Canal corridor project will cost $220 bn in 3 years, Minister tells Euromoney Development project is forecasted to provide logistics and industrial hubs along 160 km of vital shipping lane
The Suez Canal corridor project planned by a consortium led by Dar Al-Handasah will cost $220 billion in three years, said Ashraf Salman, Egypt's investment minister, at the Euromoney conference in Cairo on Tuesday. The plan is to establish development projects along a 160 km corridor of barren desert beside the international waterway, including logistics and industrial hubs. A wider Suez Canal development plan began last month with digging a parallel waterway to increase ship traffic. The new waterway will add at least $2-5 billion in the coming three years to the state budget, Salman said at the conference. The digging of the new canal and underground tunnels costs $4 billion which were raised by the government through public offering of investment certificates. "This is a pilot project that is very important in driving growth in the fiscal year 2014/15," said Salman. http://english.ahram.org.eg/News/110894.aspx
