The head of the body said Suez CanalOsama Rabie, said that the project to completely double the canal’s navigational course is still in the study phase being conducted by the authority, in cooperation with specialized international consulting companies, to be completed within approximately 16 months.
Osama added that this comes in preparation for presenting the project to the Egyptian government, provided that the necessary funding to implement the project in the future will be provided from the investment budget of the Authority approved by the Ministry of Finance, without placing any additional burdens on the state’s general budget.
Full duplex
According to a statement by the authority, the project will achieve full duplication of the canal in both directions, allowing for raising the classification of the canal and increasing its competitiveness, as well as increasing its numerical and carrying capacity, so that it will be able to accommodate all categories and sizes of ships of the global fleet.
The statement indicated that the project aims to increase the canal’s capacity by 6 ships, and increase the navigational safety factor in that sector by 28%.
The Chairman of the Authority noted that the first phase of the southern sector development project has been completed by expanding the canal by 40 meters to the east, while work is underway to complete the second part of the southern sector development with the project to double the canal in the Lesser Bitter Lakes, with a length of 10 kilometers.
Lieutenant General Osama confirmed that the Suez Canal is moving forward towards completing its ambitious strategy to develop the canal’s navigational course, through the implementation of several infrastructure development projects, taking into account the technical and economic feasibility of the projects, and their suitability to the development and growth of the global trade movement, and that they are implemented through the authority’s investment budget. Approved by the Egyptian government.
Movement decline
Expansion studies come after a director estimated International Monetary FundKristalina Georgieva, last month the percentage of traffic in the Suez Canal declined between 55 and 60%, which previously generated revenues of $700 million per month. For EgyptAccording to what she said.
The Egyptian president said, Abdel Fattah Sisi During the past month, Suez Canal revenues declined by between 40% and 50%, due to disruption of navigation traffic in The Red Sea Against the backdrop of attacks The Houthis.
Al-Sisi said, at a conference last month: “Today, the shipping corridor, which used to generate approximately $10 billion annually, has declined by 40% to 50%” since the beginning of this year.