Suez Canal No2 Planned

Egypt this week unveiled plans to build a ‘second Suez Canal’ to complement the existing 194km waterway.

Work will take three-to-five years and cost around $4bn according to Suez Canal chairman Muhab Mamish. No date has been set for the start of construction.

State-owned daily al-Ahram says “the project will be financed through public subscription and with loans from banks and friendly countries.”

Egypt’s newly-elected President Abdel Fatah al-Sisi, launching the project on 5 August in the Suez Canal town of Ismailiya, said he hoped the project would not require foreign funding and that the project would be partly financed through local subscriptions: “We want all Egyptians to hold shares in this project.” (CONTINUED - 353 WORDS)