Egypt to complete Suez Canal Axis development scheme before July 2016

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Egypt is likely to complete its ambitious scheme to develop Suez Canal Axis before July this year, said Abdel Qader Darwish, vice chairman of Suez Canal Economic Zone Authority, on Wednesday.

During Egypt Builders Forum, kicked off in Cairo on Tuesday, Darwish said his authority had met with several delegations of regional and international investors willing to invest in the Suez Canal Axis region.

Dubbed the Suez Canal Axis, the new 72-kilometre (45 mile) project built by the Egyptian army aimed at speeding up traffic along the existing waterway by reducing the waiting period for vessels, boosting revenues, as well as developing the surrounding area into an industrial and commercial hub. This anticipated international logistics and industrial hub is set to include the construction of ports and provide shipping services, in hoped that it would eventually account for a third of Egypt’s economy.

Built 146 years ago, the Suez Canal is one of the world’s most heavily used shipping lanes and a key source of international trade.