Egypt plans $1 billion road-rail tunnel under Suez Canal
Egypt is planning a huge infrastructure project to construct a tunnel under the Suez Canal connecting Port Said to its eastern part with an initial cost exceeding $1 billion, and will begin seeking finance as soon as the designs are completed.
The tunnel will be built 19 kilometres south of the Canal's northern entrance and will include one railway passage and two dedicated car passageways.
Egypt will now have two points for cars to cross the waterway, a tunnel near the city of Suez and a bridge near Ismailia. Once the Port Said tunnel is completed, another tunnel is planned in Ismailia.
"Infrastructure is a crucial component of a modern economy, and with Egypt’s strong relationship with international investment funds, the financing of Port Said tunnel will be entirely outside the state’s budget," commented Egypt’s Minister of Investment, Dr. Mahmoud Mohieldin.
Egypt's Canal and Sinai governorates are growing in importance, accounting for 41 per cent of the total number of companies established in the last 40 years.
In addition to new tunnels, roads, railways and water stations, the Egyptian government is focused on building new special economic zones (SEZones), such as the North West Suez Canal SEZone, giving human capital the opportunity to prosper in and around the Upper Egypt-Red Sea Road.