Egypt plans to complete a side channel in East Port Said, near the Suez Canal, by this summer. The channel will facilitate shipping and give vessels direct entry into the port, according to Mohab Memish, head of the Suez Canal Authority in press reports.
Dredging for the channel will cost $36 million, of which $7.5 million will be financed by the Suez Canal Container Terminal (SCCT).
The new channel will be six miles long, 55 feet deep and 820 feet wide, with a total project cost projected to be $60 million, according to a statement from the SCCT.
Last year Egypt launched an $8 billion canal extension project that is expected to bring in $13.23 billion in annual revenue by 2023 from just over $5 billion in 2014.