Egypt to build new multi-million dollar Suez Canal

06 Aug 2014

(MENAFN) Egypt plans to launch a new Suez Canal in a multi-billion dollar project to strengthen trade ties with Europe and Asia, according to Arab News.

Army strongman Gamal Abdel Nasser said that the project will be run by Egypt’s army and aims to improve the country’s struggling economy.

The current 145-year-old historic waterway Suez Canal earns Egypt about USD5 billion annually, a vital source of hard currency for a country that has suffered a slump in tourism and foreign investment since the 2011 uprising.

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