The Suez Canal is to be modernised. An agreement to this effect has been signed?
The Suez Canal is to be modernised. An agreement to this effect has been signed in Cairo, between the Canal Authority and a Japanese construction company. the contract is worth GBP 44 million sterling (70 U.S. dollars), part of which will be provided from a Japanese loan.
SYNOPSIS: The Suez Canal Authority building in Cairo, Mr. Mashour Ahmed Mashour, the Canal Authority Chairman, and Mr. Tetsutaro Mizuno, representing the Penta Ocean Construction Company of Japan, signed the agreement for widening and deepening the 100-mile (160-km) waterway. The aim is to enable the passage of ships of 53-feet (16 metres) draught -- instead of the present 38-feet (11.5 metres). This goal is to be achieved by the end of 1979. After the signing ceremony -- Mr. Mashour had this to say to newsmen.