Suez Canal Development Project cost to hit $15bn

Category: Media & Press 10 March 2015

The infrastructure cost of the Suez Canal Development Project in Egypt is likely to reach $15 billion, said a top official, adding that the comprehensive project plan will be announced within two weeks.

The electricity supplied to the project is expected to be 6 GW, Yehia Zaki, director of operations at Dar Al Handasah Consultants, was quoted as saying in the Daily News Egypt report.

Under the project, irrigation water will be supplied to about 3.5 million sq m of land, he added.

The Suez Canal project, which is aimed at expanding trade along what is the fastest shipping route between Europe and Asia, includes the development of 76,000 sq km around the canal into an international industrial and logistics hub to attract more ships and generate income.

Officials have said the new development would boost annual revenues from the Suez Canal, which is operated by the state-owned Suez Canal Authority, to $13.5 billion by 2023 from $5 billion currently.