Djibouti's Prime Minister Abdoulkader Kamil Mohamed will attend the inauguration of the New Suez Canal later Thursday.

In view of the deeply-rooted relations between the two countries, the premier arrived earlier in the day at Cairo Airport before heading for Ismailia to share with the Egyptians this historic event.

Delegations from 102 countries will attend the inauguration ceremony.

The new 72-kilometer waterway, built in less than a year at a cost of 60 billion EGP, runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean.

The new canal will cut the waiting period for vessels from 18 hours to 11.

The legendary project was mostly financed by investment certificates sold to Egyptians. Over 60 billion EGP was collected in one week.