Finalization of the New Suez Canal in a short period strengthens Egypt's standing as one of the major hubs in the Middle East region, an International Monetary Fund (IMF) official said on Thursday.

Christopher Jarvis, the IMF's mission chief for Egypt and its adviser for the Middle East and Central Asia Department, described the new shipping lane as a new corner stone in the history of the Suez Canal.

Speaking to MENA, Jarvis said the project will boost Egypt's development march and increase its growth rates.

He revealed that an IMF mission will visit Egypt in mid-September to hold talks with Egyptian officials on the latest development and economic projects in the country.

Jarvis praised as 'good' the economic and reform program adopted by the Egyptian government