Egypt’s Suez Canal projects have captured the imagination of Egyptians and the world as the country embarks on two ambitious schemes to expand the canal and develop the industrial zones surrounding the waterway.

It is hard to find a dissenting voice in Egypt and the wider region amid the excitement and fanfare surrounding the expansion. The enthusiasm for the projects was clearly demonstrated by the speed at which the government managed to raise $8.5bn using investment certificates issued to the Egyptian population.

Touted as a transformational scheme, the development of the canal and the surrounding area will not only boost canal revenues, but will also have a positive impact on Egypt’s economy and global reputation.

The scheme is expected to generate much-needed employment and is likely to entice foreign investors from around the world, not just the Gulf.

Playing a symbolic role in kick-starting Egypt’s recovery after years of political turmoil and economic stagnation since the ousting of former president Hosni Mubarak in 2011 and last year’s July revolution, the projects are also expected to encourage further government investment in other infrastructure projects.

“Egypt is back,” was a comment from one Cairo-based banker speaking to MEED.

Egypt has an opportunity to harness the enthusiasm surrounding the projects to rejuvenate its economy. But, given the high-profile nature of this venture and the regional and international interest, the pressure is on.

The legacy of Egypt’s new president, Abdul Fattah al-Sisi, partly rests on the success of these projects. More importantly, the economic recovery of the Arab world’s most populous and strategically important country relies on these projects not falling flat.

Egypt finally has a  “good news” story to tell, and the country would be wise to not squander the opportunities it offers.