“Egypt Makes History” declared one pro-Egyptian government newspaper yesterday. Yachts, warships, helicopters, and fighter jets were on hand for triumphant ceremonies in Ismailia, Egypt. The hoopla is over a $8.5 billion extension of the country’s Suez Canal. And while some economists and shipping experts question the value of the massive project, Egyptians hail it as an historic achievement for President Abdel-Fattah el-Sissi’s new government.
Completed in 1869, the Suez Canal links the Red Sea to the Mediterranean Sea. The canal allows ships to travel between Europe and Asia without traveling around Africa.
The new Suez extension involved digging out 45 miles of the present canal to enable two-way boat traffic. The project was supposed to take three years, but President el-Sissi ordered it completed in just one year.
Egypt’s government says the project will more than double the canal’s annual revenue by 2023. Those opposed to the project say enough growth in worldwide trade to make that happen seems unlikely.
Thursday’s grandiose ceremony boosted Egypt’s sense of pride if not its ailing economy.
