Cairo (HAN) August 7, 2015 – Public Diplomacy and Regional weekly Security Initiatives update. Prime Minister Hailemariam leaves for Egypt
A high-level Ethiopian delegation led by Prime Minister Hailemariam Dessalegn left for Egypt to attend the inaugural ceremony of the new Suez Canal.
The multi billion-dollar expansion of the Suez Canal will formally inaugurate today at the presence of heads of state and government from different countries.
Built 146 years ago, the Suez Canal is one of the world’s most heavily used shipping lines and a key source of international trade.
Dubbed the Suez Canal Axis, the new 72-kilometer project is aimed at speeding up traffic along the existing waterway by reducing the waiting period for vessels, as well as boosting revenues.
It will run part of the way along the existing canal that connects the Red Sea to the Mediterranean.
The eight billion USD new Canal was initially scheduled to take five years. It was then first reduced to three years and finally ordered by President Abdel Fattah el-Sisi to be completed in one year.
It is expected to more than double Suez revenues from 5.3 billion dollars expected at the end of 2015 to 13.2 billion dollars in 2023.
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