The most successful project of the Century: 72 new kilometers build in 1 year and totally funded by citizens
The Suez Canal, the fastest link between Asia and Europe, is even faster since August 2015. Within one year, the Egyptians added 72 more km: 35 km bypass along the 193 km long canal and 37 km the deepening and expansion of the existing canal. This enlargement of the waterway allows, for the first time, for two-way traffic along part of the route, as well as for larger vessels overall. Also, the ships can transit the Canal in 11 hours, down from 18 hours and their number is expected to increase from 49 in a day to 97 until 2023. The construction was initially scheduled to last five years. It was first reduced to three years and finally ordered by the Egyptian President Abdel Fattah al-Sisi to be completed in one year only. That’s why the new waterway is named also after its pioneer “the Sisi Canal”.
The Suez Canal represents a main source of revenue with its $ 5 billion yearly income in the Egyptian economy weakened by the riot from 2011. The New waterway represents a “Prosperity Canal” which is a part of a bigger project of expanding Suez seaport in order that Egypt become a major commercial center and strategic partner.
The expansion of the Canal cost around $ 8.4 billion (60 billion Egyptian pounds) amount which was totally funded by citizens. The president Abdel Fattah al-Sisi refused to allow foreign investors to invest in the project, but instead urged Egyptians to participate in funding the project. By this, the entire turnover returns back to it’s people.
The New Suez Canal has become a source of national pride and it shows the innovation and the achievement of a great man and a great people, great enough to name the new waterway “the Sisi Canal” or “Prosperity Canal”.