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Egypt Embassy in Moscow to Work on Attracting Investment to New Suez Canal

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Sergei Lavrov hosts reception to mark Islamic New Year - Sputnik International
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Egyptian Ambassador to Russia Mohamed Badri said that he is intent on creating a working group inside the Egypt's embassy in Moscow for the promotion of the New Suez Canal and for the possibility of investments into it.

MOSCOW (Sputnik) — Egypt is planning to create a working group within the framework of its embassy in Moscow to attract Russian investments in the Suez Canal, Egyptian Ambassador to Russia Mohamed Badri said Monday.

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"I am intent on creating a working group inside the embassy [in Moscow] for the promotion of this project and for the possibility of investments into it, so that the Russian businessmen and journalists can get any information regarding these issues," Badri said during a press conference.

On Thursday, Egypt will open a new 72-kilometer (44.7-mile) channel parallel to the Suez Canal. Egyptian President Abdel Fattah Sisi, as well as a number of international delegations, will participate in the ceremony. The New Suez Canal will include a service complex, as well as several industrial zones. The project is expected to generate substantial revenue for Egypt.

The New Suez Canal is expected to facilitate traffic in both directions, thus increasing the waterway’s capacity and boosting Egypt’s economy.

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