The project could turn Egypt into 'the most important sea and land corridor in the world,' said Afro-Asian Council Vice President Essam Abu Al Hassan
As reported by The Maritime Executive on Sunday, Egypt and Kuwait are to launch a new massive project which will see the countries get connected via a network of land and maritime routes, under the umbrella of China's strategic One Belt One Road Initiative.
The head of the Afro-Asian Economic Council said last week that the project, which is to further connect Egypt with other North African countries, is expected to attract staggering investments - ranging from $2 trillion to $4 trillion - to the region of North Africa and exponentially increase shipping traffic through the Suez Canal. CairoScene was unable to verify the number through an independent source.
Similarly, The council's Vice President Essam Abu Al Hassan expressed his enthusiasm for the project, which he expects to turn Egypt into 'the most important sea and land corridor in the world,' according to The Maritime Executive.
One Belt One Road Initiative
China's strategic One Belt One Road Initiative, which carries on the vision of the ancient trade route The Silk Road, is projected to connect China to the entirety of Asia and the eastern parts of Africa and Europe through six routes, with its total cost estimated to reach as high as $8 trillion. Along one of its routes, Kuwait is constructing Madinat Al Hareer (Silk City), which it has allocated $450 billion for in hopes to turn it into a significant commercial and trade center along the One Belt One Road route.
Main: Ethiopia and Sudan Highway/Source unknown)