New Suez Canal opening ceremony not to burden state budget

The opening ceremony of Egypt's Suez Canal expansion project, scheduled for August 6, will not place on the state budget any financial burdens under directives of President Abdel Fattah El Sisi, Chairman of the Suez Canal Authority Mohab Mamish said.

All dredging companies that have participated in the project were invited to contribute to the cost of the opening ceremony and a bank account will be opened for patriotic business persons and investors willing to pay some of the expenses, Mamish, who is accompanying Sisi on a visit here, said in press statements on Thursday.

The celebration will send a message to the world that Egypt is capable of making accomplishments and defying challenges, he said.

A press conference will be held next week in Egypt to spell out more details related to the ceremony, he said.

On a different note, Mamish said technical delegations from German companies will visit Egypt in the coming week to develop the Suez Shipyard and Egyptian ports.

The new Suez Canal project indicates the construction of a parallel section of the canal to allow ships to simultaneously transit in two directions as well as the widening and deepening of a number of existing sections.
Source: MENA