Amwal Al Ghad English - 2015-08-03 08:06:19
The head of the Suez Canal Authority, Mohab Mamish, revealed that he rejected the suggestion to change its name to the 30 June Canal, due to historical naval agreements Egypt has signed.
In interview with Al-Arabiya News Channel Saturday, Mamish stated that Egypt was committed to the Convention of Constantinople and could not rename the Suez Canal as it would have to sign new agreements in order to regulate naval movement, according to international law.
30 June marks the popular protests in Egypt against Islamist president Mohamed Morsi, who was ousted 3 July 2013.
Speaking about the new Suez Canal, Mamish stated that the economic unit in the Suez Canal Authority expected that revenues of the Suez Canal would increase to $13 billion instead of $5.4 billion annually after eight years.
He also stated that the cost of digging the new Suez Canal did exceed $4 billion, as expected.
"It costs us less than what we originally expected. After all, this is the Egyptian people's money," Mamish said.
He added that work on the Suez Canal development project, as well the Suez Canal tunnels, would start right after the inauguration of the new Suez Canal Thursday. More»