French President Francois Hollande is due to arrive here Thursday in his first visit to Egypt upon an invitation from President Abdel Fattah El Sisi to attend the New Suez Canal inauguration.

The Egyptian president adopted the New Suez Canal Project, a day after his victory in the presidential elections and the project will be opened after a year and one day of its launch, the French Embassy said in a press release on Wednesday.

A meeting will be held between Sisi and Hollande on the sidelines of the Suez Canal inauguration.

Egypt will inaugurate the New Suez Canal on August 6, which will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.

Called the Suez Canal Corridor, the 72-kilometer new project involves a 37-kilometer new waterway and deepening and expansion of the existing 145-year-old Suez Canal along a 35-kilometer stretch.

The legendary project was mostly financed by investment certificates sold to Egyptians.

A maximum 49 ships a day can pass through the canal in two directions present. The Suez Canal Authority says the expansion could almost double the number.