Two-way traffic for Suez

Press, 2 September 1977, Page 12

Two-way traffic for Suez

The World Bank has approved a loan of SIOOM to help finance Egypt’s expansion of the Suez Canal. The SIOO3M project is designed to expand and improve canal facilities to allow use by more and bigger ships.

As a result of the project, the world shipping fleet, except the largest tankers, will be able to use the canal by 1980. The loan is being made to the Suez Canal Authority (S.C.A.) with the guarantee of the Arab Republic of Egypt. Nine countries or agencies are participating in financing the project. Some have already approved — others are considering — loans to help meet the project’s costs. The Saudi Fund for Development has approved the equivalent of SSOM. The Arab Fund for Economic and Social Development, the Islamic Development Bank, the Abu Dhabi Fund for Arab 1 Economic Development, and the Kuwait Fund for Arab Economic Development, are all con-

sidering loans. The Japanese Government, United States Agency for International Development, and other bilateral donors are also participating. The project will improve facilities by deepening and widening the canal to accommodate larger ships and make other necessary improvements so that by 1980 ships drawing up to 16.1 metres (53ft) will be able to pass through. The project was prepared by the Canal Authority with the aid of British and French consultants. The main item — two thirds of total project cost — is dredging. The project also includes dry excavation to remove sand above water level, construction of a new length of canal to bypass Port Said, revetments to protect the canal banks from erosion, breakwaters, mooring facilities and other civil works.