Egypt seeks to boost economy with 'new' Suez Canal

The ceremony, to be attended by foreign dignitaries including French President Francois Hollande, comes just over two years after President Abdel Fattah al-Sisi, the former military chief, overthrew his Islamist predecessor.

Sisi broke ground on the project last August after winning a presidential election on promises of strengthening security and reviving the ailing economy.

The new 72-kilometre (45-mile) waterway, built in less than a year at a cost of $9 billion (7.9 billion euros), runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean.

It will cut the waiting period for vessels from 18 hours to 11.

By 2023 the number of ships using the canal will increase to 97 per day from the current 49, the Suez Canal Authority website said.