The New Suez Canal is a national project that will attain prosperity to the Egyptian nation, said Azerbaijani Ambassador to Egypt Shahin Abdullayev.

In exclusive statements to MENA on Saturday, Abdullayev said that Azerbaijani Deputy Prime Minister Abid Sharifov will attend the inauguration of New Suez Canal, which will be held on Thursday.

The New Suez Canal will contribute to implementing several mega projects in light of the comprehensive economic viewpoint of President Abdel Fattah El Sisi, he added.

Azerbaijan is keen on contributing to the economic projects, which will be implemented in the Suez Canal axis development area, he said.

Egypt will inaugurate the New Suez Canal on August 6, which will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.

Called the Suez Canal Corridor, the 72-kilometer new project involves a 37-kilometer new waterway and deepening and expansion of the existing 145-year-old Suez Canal along a 35-kilometer stretch.

The project aims at expanding the Suez Canal region's role as a global, industrial, and logistics center that is environmentally balanced with an integrated economy.

It is also projected to become a global hub due to its logistics and industrial services.

The new route will reduce navigation time from the current 22 to 11 hours. Both canals will be connected by four smaller waterways and together will continue to provide the fastest route for shipping between Europe and Asia.