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by Marwa Yahya
ISMAILIA, Egypt, Sept. 9 (Xinhua) -- The chairman of Egypt's Suez Canal Authority said that a new waterway project which was launched in August will be finalized in one year as scheduled, denying reports about funding problems.
In an exclusive interview with Xinhua, Mohab Mamish asserted that the new Suez Canal will be opened for navigation on August 6 Ty Montgomery Game Jersey , 2015 as planned.
"The Egyptians have the will and capabilities to face challenges and crush difficulties," he stressed, adding "We are in a race against time to restore the economic and political position that Egypt deserves."
On August 5, Egyptian President Abdel Fattah al-Sisi launched the new Suez Canal and urged the authority officials to finish the whole project in one year, expressing confidence that the new project will turn Egypt into one of the biggest world economic and industrial hubs.
The Suez Canal project will definitely affect the international trade volume, especially the trade exchange between the east and the west Maxx Williams Game Jersey , Mamish said.
Since it started, the new project has not suffered any funding problems, the Suez Canal's chairman said, pointing out that "the project depends on four methods of funding: people, government, national investors and businessmen Ronnie Stanley Game Jersey , and national banks."
He lauded the massive turnout on new investment certificates offered to fund the new project, whose sales have reached more than 20 billion pounds (nearly 2.79 million U.S. dollars) in only three days.
Four national banks started on Thursday offering certificates worth 60 billion pounds (8.6 billion dollars) for sale for Egyptians, in return for 12 percent interest rate paid every three months.
The new 72-kilometer (45 miles) waterway would help speed up the transiting of the vessels, and reduce the waiting time for passing from 11 hours to only three hours, Mamish said.
"By reducing the transiting time of the vessels, the canal will be the fastest means to transfer trade between the east and the west Marlon Humphrey Game Jersey ," added the Suez Canal's chairman.
This giant project will create one million jobs at a time when Egypt is struggling to recover from more than three years of political turmoil since the ouster of the long-time president Hosni Mubarak.
It also targets building international logistic zone, and consequently increases the exports, develops the world trade, and diversify the existing industrial and servicing activities.
It also aims at luring foreign investments, maximizing the canal revenues as one of the major waterways worldwide, he added.
One of the world most heavily used shipping lanes Mark Andrews Game Jersey , the Suez has been a key source of international trade, earning Egypt nearly five billions of dollars in annual revenues. Around 16,600 ships passed through it in 2013.
According to Mamish, the new canal is also attached to a bigger project that will develop all the canal cities by building five ports. "The two projects are a security instrument for the coming generation and would help the Arab country to restore political and economic major role in the region."
Once finishing its master plans in the beginning of 2015, the corridor developing project will be offered for investors.
He added that trade volume and economic growth of China and Eastern Asian countries are in progress, and Egypt has to be ready to absorb the increasing volume by improving the marine services in the Suez Canal.
China is the biggest partner in the world trade movement Hayden Hurst Game Jersey , and its industries play essential role in the whole world, Mamish added, noting that the Suez Canal will be the appropriate passage for Chinese products.
On the security threats imposed by the extremists in Sinai Peninsula and the Suez Canal area, Mamish said, the canal made its biggest revenues in 2014, despite the security and political circumstances Justin Tucker Game Jersey , a proof that the canal is totally secured.
"Securing the canal means generating more revenues, as no one would send his trade to pass through an unstable area," Mamish said.
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