(MENAFN) Egypt announced it has raised the USD8.5 billion needed to fund its project of expanding the Suez Canal which aims at expanding trade along what is the fastest shipping route between Europe and Asia, Gulf Business reported.
The Suez Canal project includes the development of 76,000 square kilometers around the canal into an international industrial and logistics hub to attract more ships and generate income.
The new development is expected to boost annual revenues from the Suez Canal, which is operated by the state-owned Suez Canal Authority, to USD13.5 billion by 2023 from the current USD5 billion.
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