Italian companies displaying high interest regarding investing in Suez Canal project

By Finance

Italian companies have shown to be quite interested in regard to potential investments in the Suez Canal’s development.

In total 62 Italian companies have already displayed a fair share of willingness towards investing in the Suez Canal Corridor Area Project, which is to be presented at the economic summit in Sharm el Sheikh that will be held in the time frame of Friday to Sunday.

Photo: Dredging Suez Canal/Facebook

The news was backed up on CBC television by Mohab Mamish, Suez Canal Authority (SCA) chairman, who made a visit to Milan eleven days prior along with Ashraf Salman, Egypt’s Investment Minister.

"In the days to follow we plan on taking stock of the firms that want to take part in the project," commented Mamish.

Egypt is currently building a brand new 72-kilometre long channel parallel to the existing canal, and is thus almost doubling the capacity of the infrastructure, going from 49 to 97 vessels on a daily basis. Expectations are that the first ship will be able sail along the new channel in August, as commented by Mamish. He also further added that initial estimates reveal that the project is going to increase Egypt's revenues from the Suez Canal by an astounding 259%.

Photos: New Suez Canal Progress