New Suez Canal

August 13th, 2014 by Stephen Jones Leave a reply »

The Egyptian government recently announced a plan to build a new Suez Canal, parallel to the existing 145-year-old passage connecting the Mediterranean and Red Seas.

The project is estimated at $4 billion, for a 72km stretch which is intended to extend the congested Suez port, and to raise Egypt’s international profile as a major trade hub.

Egypt’s tourist industry was severely damaged following the overthrow of President Mubarak in 2011, and there was a subsequent decline in Western aid so the $5 billion in annual revenue from Suez is an very important source of capital for Egypt’s economy.

The canal is achieving record-growth throughout 2014, with an increase in profits and its highest revenue since 1869.

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