Egypt to build new $4 billion Suez Canal
On Tuesday the President of Egypt - Abdel Fatah al-Sisi unveiled that Egypt plans to construct a new Suez Canal. A 45-mile waterway will be added alongside the current canal. The new lane will allow more ships to use the canal each day and will serve for expanding trade along it.
The existing Suez Canal, which is a fastest shipping waterway between Europe and Asia, now provides only one-way traffic - from Europe to Asia. There are three rooms along the canal, which allow the ships to pass each other. The new waterway will provide the movements of the ships in both directions.
The giant project will cost about $4 billion and is expected to be finished in five years, however the president of Egypt said he hoped the new canal will be operational in one year. As stated by the president, the project will be not financed by foreign companies, but by independent contributions from the Egyptian individuals.
The Suez Canal is one of the world’s important thoroughfare for trade. It was opened 145 years ago and remained under colonial control till 1956. In this year, the Egyptian President Gamal Abdel Nasser achieved the transferring of the canal to the Suez Canal Authority. This event till today serves as a source of the national pride in Egypt. The revenues from the Suez Canal amount to about $5 billion per year, which are a crucial source of foreign currency in the Egyptian economy.