AAs reported in the Guardian plans were revealed for the new Panama Canal and now the Government of Egypt has announced plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project to expand trade along the fastest shipping route between Europe and Asia. The canal, which allows ships to travel from Europe to Asia without passing southern Africa, only provides for one-way traffic, with occasional room for ships to pass each other. The new 45-mile lane, plans for which were announced on Tuesday, 5 August, by Egypt’s president, Abdel Fatah al-Sisi, would allow ships to travel in both directions for just under half of the canal’s 101 miles. Currently, the Suez Canal earns Egypt about USD 5 billion a year in revenues which makes it a vital source of hard currency for a country that has suffered a slump in tourism and foreign investment since the 2011 uprising that preceded Mursi’s presidency. Expectations are that the new canal is set to boost annual revenues to USD 13.5 billion by 2023.
Wednesday, January 15, 2025
