Egyptian Government Plans Total Change of its Economy
The mainstays of the Egyptian economy will have a substantial reformation if the building of an international industrial and logistics hub near the Suez canal is materialized sucessfully, said official sources today. The construction plan of a parallalel canal will represent about a third of Egypt's economy, above…
Egytex News Desk
Source: Prensa Latina
The possibilities of the sucess of the mega-plan are linked to the results of the Economic Summit on Egypt, scheduled for late this month in the southern Sinai city.
According to experts, the parallalel canal, in digging process, will allow an hour-long travelling through the Red Sea to and from Europe and Asia, which curruntly lasts up to 11 hours.
The waterway is the fastest shipping route between Europe and Asia. It is one of Egypt's main sources of hard currency, bringing in about $3 billion US dollars a year. Egypt's GDP was $232.86 billion US dollars in 2014.
The expansion of the canal is expected to reach $8 billion in the current fiscal year, which ends in June, and reach $10 billion the following year.
It is also expected to increase canal revenues to $13 billion by 2023 from the current level of about $5 bashillion, the canal's chairman told Reuters last week.
Source: Prensa Latina
From the Egytex news archive, first published on 9 March 2015. Figures and names are as reported at the time.
