Special to WorldTribune.com

Egypt’s economy is anticipating a major boost on Aug. 6 with the opening of the new and larger Suez Canal which will cut transit time in half.

Officials say the canal, which will allow two-way traffic of larger ships, is projected to increase revenues to $15 billion by 2023. The current canal brings $5 billion per year, accounting for a third of Egypt’s economy.

The project, which cost $8 billion, began 10 months ago and flanks the historic 145-year-old Suez Canal. It is seen as a source of national pride by President Abdul Fatah Sisi.

The Suez, the fastest shipping route between Asia and Europe, has become a key cog in Egypt’s economy since tourism and foreign investment fell off after the 2011 Arab Spring.

“The digging and dredging works will conclude on July 15. The opening of the new Suez Canal will be on Aug. 6,” Mohab Mameesh, chairman and managing director of the Suez Canal Authority, told a news conference in Ismalia, east of Cairo. “Once President Sisi orders the start of navigation on Aug. 6, ships will be able to go through the canal.”

Navigation time for ships will be reduced to 11 hours from about 22 hours, according to Mameesh, and will make it the fastest such waterway in the world. The new and old canals are connected by four small channels.

  Abdul Fatah Sisi, Egypt set to open new, Egyptian economy, larger Suez Canal in August, WorldTribune.com