Egypt To Dig New Canal Alongside Suez Canal: Authority Chairman

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Egypt To Dig New Canal Alongside Suez Canal: Authority Chairman

by Wochit 0:50 mins

Egypt To Dig New Canal Alongside Suez Canal: Authority Chairman

by Wochit 0:50 mins

Egypt said on Tuesday it would build a new 45-mile canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia. The Suez Canal earns Egypt about $5 billion a year in revenues, a vital source of hard currency for a country that has suffered a slump in tourism and foreign investment since its 2011 uprising. Mohab Mamish, chairman of the Suez Canal Authority said the total estimated cost of drilling the new channel would be about $4 billion and be completed in five years, though Egypt will strive to finish it within a more ambitious three-year deadline.

Wochit

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