Egypt’s Chairman of the Suez Canal Authority has announced the planned digging of a new canal ‘parallel’ to the 145-year-old historic Suez Canal.
“The project will lead to the creation of a new Suez Canal parallel to the current channel of a total length of 72 kilometres,” said Mohab Mamish, adding that the project would cost $US 8 billion to implement and would create at least one million jobs.
According to Mamish, the project will involve dry digging of 35 kilometres and the expansion and deepening of another 37 kilometres. The digging and initial construction will be under the supervision of Egypt’s Military stated Mamish.
During a press conference in Ismailia, Egypt’s President Abdel Fattah Al-Sisi declared that ‘we are running against time’ and that the project would be completed within just one year.
“We want all Egyptians to hold shares in this project,” stated the President, urging Egyptians living in the country to contribute EGP 100 ($US 14) and ones living abroad to contribute $US 100.
The historic Suez Canal brings in approximately $US 5 billion of revenues per year and remains a vital source of income for Egypt’s economy, which has suffered following the January 25 revolution.
A new industrial and logistics hub in Suez
The Chairman of the Suez Canal Authority also announced that an international industrial and logistics hub would be constructed in the Suez by a consortium that will be announced by Egypt’s President Abdel Fattah Al-Sisi soon.
The country plans to develop nearly 76,000 square kilometres around the canal in order to attract more ships and boost income. According to initial sources, the consortium will consist of Egypt’s Military and the global engineering firm Dar Al-Handasah.