Head of the Egyptian community in Libya Alaa Hadoura congratulated the Egyptian leadership and people on the inauguration of the New Suez Canal.

In statements to MENA, Hadoura said Egyptians were able to finalize the project in one year.

The project will boost Egyptian economy, help develop international trade and open new horizons to develop the region, he added.

The New Suez Canal will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.

The new 72-kilometer waterway, built in less than a year at a cost of 60 billion EGP, runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean.

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