Up to 157.260 million cubic meters of water-saturated sand have been dredged so far as part of the Suez Canal Development Project, said executive director supervising the dredging process Wagdi Zaki.

This represents 62.9 percent of a total 250 million cubic meters that should be dredged as part of the project, he added in statements Thursday.

As many as 37 dredgers are working in the project, he noted.

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.