The Suez Canal Authority is currently negotiating with local banks for receiving a bridge loan in the amount of $450 million, as it was reported by Egyptian financial daily Al-Mal yesterday.

Muhab Mamish, head of the Suez Canal Authority, commented that the funds in question are to be allocated for paying the companies that will be tasked with the digging of the new canal extensions. The loan is to be negotiated upon terms of a 3.25% interest rate.

This capital project was started by Mamish in Egyptian President Abdel Fattah el-Sisi’s presence on the 5th of August back in 2014.

Some of the top dredging companies in the world are getting involved in the project, which focuses on enlarging the transit capacity as well as increasing industrial activity in the area.

Egyptian officials have stated that the deadline will be met, and that the first vessel will navigate through the new canal at some point in early August this year.