Egypt’s Social Fund for Development (SFD) announced Wednesday it will finance contractors participating in building up the Second Suez Canal project.
This comes after a delegation from SFD headed by Secretary General Hanaa El Hilaly had met with Mohab Mamish – Chairman of Suez Canal Authority and head of the executive council of the Suez Canal Corridor Project.
In a statement on Wednesday, SFD asserted that its aims to make its contribution through offering loans to the small contractors participating in Suez Canal Development Corridor Project.
SFD has already started lending procedures to five contractors.
Egypt is planning to build a new Suez canal alongside the existing 145-year-old waterway in a multi-billion pound bid to boost its economy.
The 45-mile corridor will expand what is the fastest shipping route between Europe and Asia and is part of several ‘mega projects’ designed to breathe new life into the nation.