Up to 174.865 million cubic meters of water-saturated sand have been dredged so far as part of the Suez Canal Development Project.

This represents 67.8 percent of a total 250 million cubic meters that should be dredged as part of the project.

Thirty-nine dredgers are working in the project, said Wagdi Zaki, the executive director supervising the dredging process, Tuesday.

About 1.475 million cubic meters of water-saturated sands were dredged Monday, Zaki said.

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 project was funded through granting investment certificates to Egyptians with 12% returns, and in eight days, more than 60 billion pounds were collected.