Ashraf Ghazy of the Damietta Port Authority underlines the scale and success of the ongoing Suez Canal expansion.
Expansion of the Suez Canal (SC), which started in August 2014, to be completed just a year later, has a global standing as one of the world’s great mega-projects.
Four years after completion of the scheme, the Suez Canal Authority (SCA) can now reflect on the benefits developed for world trade, as well as the success of the financial model developed for funding the US$12 billion project.
Established in 1956, the SCA is an autonomous public authority of a juristic character. It reports directly to Egypt’s Prime Minister and is empowered to administer the Canal's affairs independently without being restricted to the laws and the systems of the government.
SCA issues and enforces all regulations necessary for safe and smooth navigation, with an independent budget governed by commercial project regulations.