The opening of the new Suez Canal expansion took place Thursday with the opening ceremony conducted by Egypt's President Abdel-Fattah El-Sisi and attended by multiple world leaders, such as French President François Hollande.
The Egyptian government is hoping that the expansion will boost the country's economy, reported Daily News Egypt, as it will allow a new route for ships and vessels to pass through while decreasing the waiting time in the first canal.
Officials said during the inauguration of the new expansion of the canal that they were seeking to increase the traffic passing through from the Red Sea to the Mediterranean from 49 ships to 97 ships per day.
According to governmental studies, if all estimates are correct, it would increase the country's annual revenue from "$5.3 billion dollars (4.8 billion euro) by the end of the year to $13.2 billion by 2023 and generate around 1 million jobs, over the objections of environmentalists."
Some Egyptian are questioning the decision to open a new Suez Canal and promises made in regards of job expansion and economic boost seem like empty promises.
However, some others saw the new canal opening, which was cost $9 billion in bonds, as a triumph to a country that is in need of a boost.
Watch a video of the official opening below.
