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Tuesday, 05 August 2014

Egypt wants to dig a new Suez Canal

The Suez Canal The Suez Canal Suez Canal Authority

Egypt today announced plans to dig a second Suez Canal.

President Abdel Fattah al-Sisi attended this Tuesday the ceremony which launched the Suez Canal Axis Development Project, the State Information Service (SIS) reports.

In his speech, transcribed on the SIS website, Sisi wished for the project to be funded by Egyptians, and not foreign investors and foreign banks. He urged Egyptians to buy shares in the venture.

The Suez Canal Authority (SCA) chairman Mohab Mamesh said that digging a 72km long waterway alongside the existing one could help turn Egypt into an international trade and industrial hub.


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