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CAIRO — The new Suez Canal is feeling the pain of low oil prices, but authorities say major development plans associated with the canal will not be affected by a temporary decline in traffic.
On Feb. 24, Egyptian Council of Ministers President Sherif Ismail inaugurated the new side channel of East Port Said. Suez Canal Authority chief Adm. Mohab Mamish emphasized the channel’s importance in facilitating ships’ passage to and from the port, and thus its importance to the Suez Canal Area Development Project, which includes the development of six ports.
