Egypt is expanding the Suez canal in a drive to boost economic growth, and the canal has already achieved record income in 2014, General Mahab Mameesh, Suez Canal Authority board chairman said.

The Egyptian people succeeded in collecting more than 64 billion pounds (USD nine billion) in eight days for the massive expansion project because they believe that Egypt was heading towards further security, stability and economic development, Mameesh said.
He was speaking at a workshop about the development of the Suez canal, held on sidelines of the Egyptian Economic Development Conference (EEDC), and attended by Egyptian President Abdelfatah Al-Sisi and Saudi Crown Prince Muqrin bin Abdulaziz.

The expansion of the Suez canal aims at boosting its capacity to receive giant vessels, through deepening the navigation path to 66 feets as well as setting waiting time to 11 hours, down from 18, he said.  The Egyptian government has created legislations to protect investors, established a solid infrastructure that lure businessmen.  The new Suez canal will be linked to land, sea and air networks in order to facilitate transport of goods.