Thursday, August 7, 2014
Top Story
Egypt to build new $4B Suez Canal
On Tuesday, Egypt announced plans to dig a new Suez Canal right next to the existing one in a $4 billion dollar project meant to boost trade on the fastest shipping route between Europe and Asia.
The army-run project is a big move by new President Abdel Fattah al-Sisi to rekindle Egypt's struggling economy by upgrading the 145-year-old waterway.
"This giant project will be the creation of a new Suez Canal parallel to the current channel of a total length of 44.74 miles," Mohab Mamish, authority chairman, told a conference in the port city of Ismailia.
The Suez Canal earns Egypt about $5 billion annually, important for a country that has suffered a reduction in tourism and foreign investment since the 2011 uprising.
The new canal is expected to increase annual revenues to $13.5 billion by 2023, according to an official in the Suez Canal Authority.
Mamish said the total estimated cost of drilling the new channel would be about $4 billion and should be completed in five years, although Sisi said he hoped it would be finished within a one-year deadline.
Former army chief Sisi took power last year after deposing elected Islamist President Mohamed Mursi and has since overseen a massive crackdown on Mursi's Muslim Brotherhood.
For more of the Reuters story: uk.reuters.com
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