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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 ‘Abd al-Fattah 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.”
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