The trial run has been completed in Egypt’s Suez Canal (expansion project) ahead of next month’s official opening. The $8.5 billion project would have got finished only in 12 months if it was completed on time.
According to the previous year’s Global Competitiveness Report, Egypt was ranked 119th out of 144 economies and 97th out of 138 in its Global Enabling Trade Report. The expansion of the canal is to progress in these performances.
Also, a series of other beneficial factors surrounds this project including the possibility of creating employment opportunities for the youngsters.
Egypt’s President Abdelfattah Said Hussein Alsisi told delegates at the World Economic Forum’s Annual Meeting that once the expansion is open, “the second phase will entail developing the Canal Zone and opening the door for investment”.