Egypt set to inaugurate ‘new Suez Canal’

PanARMENIAN.Net - Egypt is set to inaugurate a "new Suez Canal" waterway touted as an achievement rivaling the digging of the original, as it seeks to boost both its economy and international standing, AFP reports.

The ceremony on Thursday, Aug 5, to be attended by foreign dignitaries including French President Francois Hollande, comes just over two years after President Abdel Fattah al-Sisi, the former military chief, overthrew his Islamist predecessor.

Sisi broke ground on the project last August after winning a presidential election on promises of strengthening security and reviving the ailing economy.

The new 72-kilometer (45-mile) waterway, built in less than a year at a cost of $9 billion (7.9 billion euros), runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean. It will cut the waiting period for vessels from 18 hours to 11.

By 2023 the number of ships using the canal will increase to 97 per day from the current 49, the Suez Canal Authority website said.

Preparations for Thursday's lavish opening are in full swing in the port city of Ismailiya.

Some 10,000 policemen will stand guard across six provinces as Sisi opens the ceremony by joining a naval parade, state media said.

Newly bought French Rafale warplanes and U.S. F-16s delivered by Washington last week will also be on display.

Banners saying "New Suez Canal: From Egypt to the World" have been put up at Cairo airport, and hundreds of Egyptian flags grace the capital's streets.