Russia's Prime Minister Dmitriy Medvedev has arrived in Cairo to take part in the inauguration of the New Suez Canal.

The celebration is attended by a number of Arab, African and European leaders and heads of state.

Egypt inaugurates today the New Suez Canal, which will massively increase the capacity of the existing canal and offer an important opportunity to boost the country’s struggling economy.

The new 72-kilometer waterway, built in less than a year at a cost of 60 billion EGP, runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean.

The legendary project was mostly financed by investment certificates sold to Egyptians.