more than 120 percent for goods and 202 percent for container traffic alone. The expansion of the channel has increased its capacity from 49 to 97 passenger ships per day by decreasing the transit time from 18 to 11 hours. The previous limits to the size of the ships passing through also no longer exist. These factors will make it convenient for passenger ships to take the Suez route on a number of routes from Asia to the west coast of the United States, where currently the Panama canal is the preferred route. According to the study, the expansion of the Suez Canal saves carriers an average of four percent of total operating costs, depending on route and distance. The report estimates that the expansion will also benefit Italian ports, which can expect an increase of about 170,000 containers per year. The enormous project cost nine billion dollars (7.9 billion euros) and was entirely financed by the Egyptian public. The government managed to raise the necessary sum within just a few days by issuing investment certificates with an interest rate of 12 percent. "It is a victory for the people who managed to fund it as a national project and carry it out through perseverance and hard work," declared the office of Egyptian president Abdel Fattah al-Sisi. (AGI)