Egyptian President Abdel Fattah al-Sisi on 6 August 2014 inaugurated the work on a new Suez Canal alongside the 145 years old historic Suez Canal. The project has been launched with an aim to speed up the traffic along the existing waterway and boost the battered economy of Egypt. It will expand trade between Europe and Asia.
The total estimated cost of digging the new waterway would be around 4 Billion Dollar. The aim is to raise Egypt as a major trade hub internationally. The new waterway would be funded by Egyptian and foreign investors.
The project will be completed by about 20 private Egyptian companies and the entire project will be headed by armed forces to ensure security and safety.
About Historic Suez Canal
Suez Canal was opened in 1869 after ten years of construction. It is an artificial waterway in Egypt that connects Mediterranean Sea and Red Sea. The canal allows traders and ships to navigate between Europe without passing through Africa. It is owned and maintained by Suez Canal Authority of Egypt.
Suez Canal is an important source of revenue for the country. Egypt earns about 5 billion US dollar every year through Suez Canal.
Who: new Suez Canal
When: 6 August 2014