Mamish: National Finances To Play Major Role In Project Of Suez Canal Corridor

Head of the Suez Canal Authority and executive chairman of the project of Suez Canal Corridor Mohab Mamish said that national finances would play a major role in carrying out the project of the Suez Canal Corridor, adding that he would open a new bank account for financing the project.

He asserted that EGP 2 billion would be allocated for financing the feasibility study of the project.

Mamish said that the Suez Canal would be turned into an economic-industrial center within three years especially after the implementation of the project of the Suez Canal corridor.

Mamish said that 14 international firms have met the tender specifications for the project.

Out of 46 applications, 33 consortia were qualified according to the project’s specifications, while 14 were picked as among the best applicants. The winner will be declared by mid-2014, he added.

The project would increase the revenues of the Suez Canal, which would boost the Egyptian economy and secure new job openings for youth, he added.

He further said that a new legislation is currently being drafted to regulate the work of the project.

Source: SIS