A sediment basin in the new project being dug parallel to the Suez Canal partially collapsed earlier this week.

According to a report by Egyptian State television no casualties have been reported as a result of the collapse.

In an interview with state television Mohab Memish, head of the Suez Canal Authority, denied any truth to “rumours” that the new canal was affected, adding that all navigation in the Suez Canal is working regularly.

“The situation is under control and the flowing water has been stopped,” Memish added.

New Canal to increase revenues

In August 2014, President Abdel Fattah al-Sisi launched a mega project, which involves 35 kilometres of “dry digging” and 37 kilometres would be “expansion and deepening”, indicating the current Suez Canal, which is 163 km long, could be widened as part of the project.

The new Suez Canal Development Project is implemented under the supervision of the armed forces. While launching the project, Sisi said digging the new bifurcation to the canal would be completed within a year, instead of a previous deadline of three years.

Speaking at a press conference last year, Memish, said once the project is completed revenues from the Suez Canal will jump from US$5 billion dollars to US$12.5 billion annually.