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FINANCIAL NEWS
Egypt plans $1 tunel beneath Suez Canal
12 Jul 2010
(MENAFN) Egypt plans to build a $1 billion tunnel under the Suez Canal at Port Said and will begin seeking finance as soon as the designs are completed, Al-Akhbar newspaper quoted the investment minister as saying.
The tunnel, to be built 19 kilometers south of the Canal’s northern entrance, will have 3 passageways, one for rail and two for cars, the newspaper quoted Mahmoud Mohieldin as telling a conference in Dahab in the eastern Sinai Peninsula.
The conference was called to discuss investment in the cities along the canal and in the Sinai, which the government is keen to develop following a number of clashes between security forces and impoverished Bedouin tribes.
Egypt now has two points for cars to cross the waterway – a tunnel near the city of Suez and a bridge near Ismailia. Once the Port Said tunnel is finished, another tunnel is planned for Ismailia, Mohieldin told the conference.
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