New canal project to have impact on Arab economies

The new Suez Canal project will have an important role in economic development projects in all Arab countries, especially Lebanon, Egypt's Ambassador here Mohamed Badreddin Zayed said.

A high-level Lebanese delegation led by Parliament Speaker Nabih Berri and Prime Minister Tammam Salam are participating in the inauguration of the project on Thursday in Egypt.

During a celebration marking the event attended by Lebanese political powers, the Egyptian envoy said the Lebanese economy will benefit from the canal project as it will ease the flow of Lebanese exports.

Egypt inaugurates today the New Suez Canal, which will massively increase the capacity of the existing canal and offer an important opportunity to boost the country’s struggling economy.

The new 72-kilometer waterway, built in less than a year at a cost of 60 billion EGP, runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean.

The legendary project was mostly financed by investment certificates sold to Egyptians.