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FINANCIAL NEWS
Egypt to build new Suez Canal to improve trading
11 Aug 2014
(MENAFN) Egypt decides to build a new Suez Canal along with the existing 145-year-old historic waterway in a multi-billion dollar project to improve trading, The Peninsula Qatar reported.
Egypt’s Suez Canal posts USD5 billion revenues annually, it considered as a vital source for a country that has suffered a decrease in its tourism and foreign investments since 2011.
The new channel is part of a large project to boost Suez port and shipping facilities, aims to raise Egypt’s international profile and establish it as a major trade hub.
The new channel costs about USD4 billion and will be completed in five years, though Egypt will strive to finish it within a more ambitious three-year deadline.
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