CAIRO, Jun 13 (Aswat Masriya) - The new canal being dug in Egypt's Suez will launch on August 6, the Suez Canal Authority chairman announced on Saturday.

The project will both see the construction of a parallel canal to Egypt's Suez Canal and the expansion of the existing canal, a vital waterway which brings billions of dollars in revenue annually.

Chairman Mohab Mameesh said in a press conference broadcast live on state television that the drilling of the new canal has been concluded. He added that the dredging is scheduled to be done by mid July.

Mameesh said the drilling process involved lifting 250 million cubic metres of dry sand, describing the process as an unprecedented "achievement".

The project, launched by Egypt's president Abdel Fattah al-Sisi in August, 2014, will increase the Canal's capacity for the passage of ships, cancelling stoppage time and reducing cost of travel.

Sisi has recently been inviting world leaders to attend the new canal's inauguration.