Egypt hopes it will reap a financial windfall when the new Suez Canal, being built alongside the existing 145-year-old waterway, opens for business in August 2015. In fact, that nation foresees the new shipping canal will bring in upwards of $13.5 billion annually by 2023.
Plans also include an international and logistics hub designed to attract more shipping traffic. The Suez Canal is the fastest shipping route between Europe and Asia. Six firms, two from the Netherlands, two from Belgium and one each from the UAE and the United States, recently signed contracts to dredge the new canal.
Meanwhile, the biggest expansion of the Suez Canal since it opened in 1869 will boost syndicated bank loans in Egypt, according to the Commercial International Bank (CIB) Egypt SAE, Egypt’s largest publicly traded bank.