Egypt and Japan on Sunday signed an executive agreement for a US$22 million grant project from the Japan International Cooperation Agency (JICA) – equivalent to one billion Egyptian pounds – to finance the construction and delivery of the first-of-its-kind DSV (Dive Support Vessel) for the Suez Canal Authority’s fleet.
The signing ceremony was witnessed by Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat and the Chairman of the Suez Canal Authority, Osama Rabie, in the presence of the Economic Counselor at the Japanese Embassy Yusuke Suzuki.
The agreement stipulates that the Japanese government, through the JICA, will provide a grant to finance the construction and delivery of the DSV for the Suez Canal Authority to perform multiple tasks.
These tasks include contributing to enhancing navigational safety, conducting towing operations, assisting vessels in maneuvering, and strengthening the ability to respond quickly to emergencies, thus ensuring the sustainable and safe operation of the Suez Canal.
This agreement represents a qualitative partnership with Japan, Masaht noted, reflecting the strength of relations between both countries and serving various strategic sectors.
A vital waterway
The minister added that the agreement’s most significant feature is its focus on enhancing the capabilities of the Suez Canal Authority, the global waterway that serves approximately 12 percent of global trade.
This stems from the Egyptian state and its political leadership’s commitment to the continuous development of navigation through the canal, thereby strengthening its capabilities and global competitive advantages as a hub for international trade.
Mashat explained that the Suez Canal is a major component of the gross domestic product, especially after the recovery of navigation activity in the canal, recording positive growth in the first quarter of the current fiscal year, at a rate of 8.6 percent, with the gradual return to stability in the Red Sea region.
The head of the Suez Canal Authority said that the DSV is an unprecedented addition to the Authority’s fleet.
Rabie added that these new vessels will significantly contribute to supporting the authority’s marine rescue team during its diving operations and participation in search and rescue operations and dealing with emergencies.
He noted that next year will witness the addition of two rescue tugboats with a pulling power of 190 tons.
Egypt and Japan sign agreement to enhance navigational safety in Suez Canal Egypt Independent.
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