allAfrica.com: Egypt Announces Plans to Build New Canal Alongside Suez

Egypt has announced plans to build a new canal alongside the Suez. The multibillion-dollar project is aimed at expanding trade along the fastest shipping route between Europe and Asia.

On Tuesday, the chairman of the Suez Canal Authority said the agency would build a new canal alongside the near 145-year-old historic waterway.”

This giant project will be the creation of a new Suez Canal parallel to the current channel of a total length of 72 kilometers 45 miles,” Mohab Mamish told a conference in Ismailia, a port town on the Suez Canal, in comments broadcast by state television.

Mamish said the total estimated cost of digging for the project would be about $4 billion 2.9 billion euros. This would involve 35 kilometers of “dry digging” and 37 kilometers would be “expansion and deepening.”

President Abdel-Fattah el-Sissi said 17 Egyptian companies would be involved in implementing the project under the supervision of the military. Plans include building an international industrial and logistics hub in the Suez Canal area.

via allAfrica.com: Egypt Announces Plans to Build New Canal Alongside Suez.

Advertisements

Tagged: , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: