Egypt to build a new Suez Canal for $45bn

Egypt will build a new Suez Canal parallel to the historic 145-year-old thoroughfare.

 

In a bid to expand trade along the largest shipping route between Europe and Asia, Egypt will spend $4bn (£2.3bn) building a 45 mile "new Suez Canal" that runs alongside the current channel.

 

Mohab Mamish, chairman of the Suez Canal Authority, said that he expects the project to take five years to complete, although Egyptian President Adel Fattah Al-Sisi is hoping for a three year finish.

 

A consortium including global engineering firm Dar al-Handasah has been chosen to develop the project. However, Al-Sisi said that they will work under Army supervision for security reasons.

 

The Egyptian President has also encouraged individual citizens to help fund the project by purchasing individual shares.

 

The Suez Canal currently generates revenues around $5bn a year for Egpyt and is a key source of income for an economy that has taken a big hit in previously strong industries such as tourism since the 2011 uprisings.

 

According to Mamish the project will involve 22 miles of "dry digging" and 23 miles would be "expansion and deepening".

 

He said on a broadcast by state television: