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Egypt: A Revival of the Suez Canal
By admin July 31, 2015

SuezCanal-ContainerShip

A new special economic zone may well be an avenue not only for deepened economic ties between Egypt and the rest of the world but also an avenue for deepened political interaction while cutting down on navigation time from 22 hours to 11 hours, making it the world’s fastest waterway in existence.

On the sixth of August, Egypt will formally welcome the world to its deepened and widened, historic, Suez Canal.  Eleven months ago, the Egyptian arms led work on the $8-billion canal, flanking the 145-year-old waterway in order to expand trade along the fastest shipping route between Europe and Asia.

Chairman of the Suez Canal Authority (SCA), Vice-Admiral Mohab Mamish, asserted that “We have successfully completed tests since last Saturday.  Three large ships sailed through the canal, these vessels have passed safely and securely through which proves to everyone that the new canal is already safe for navigation.”  Mamish further added that, “More ships will be able to use the canal and most importunely for us the tie that ships are taking to get through the canal is being reduced.”

The widening and deepening of the Suez Canal by dreading barges which suck up millions of cubic meters of sand daily, aims to see the expansion of the number of ships that pass to and from Europe, North America, and Asia.  Authorities believe that this will bring about 97 ships per day, translating into billions of dollars per day for Egypt while, at the same time, cutting down on navigation time for the vessels.

According to the Egyptian government, “the canal expansion project is predicted to raise annual revenue from $5.3bn in 2014 to $13.5bn by 2023.”  As such, the inception of such a venture was brought about by means of a financing scheme that had the traits of a crowd funding campaign.  This entailed the SCA selling investment certificates to Egyptian citizens and entities through the conduit of local banks.  In addition, the government was able to accumulate more than $7.8bn in a mere eight days.

Not only is the revamped Suez Canal a symbol of national pride and heritage, but it also stands as a means of great importance to the entire world.  This is to say that the future of development does not necessarily exist in the creation of new development initiatives, but rather the rekindling of old means of development by going back into history to inform the past.


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