Egypt to build new “Suez Canal”

Egypt will dig a new channel of 72 km along the Suez Canal, the president of the authority responsible for the operation of this waterway between the Mediterranean and the Red Sea, announced Tuesday. “This huge project will be the creation of a new Suez Canal parallel to the current channel with a total length of 72 kilometers,” said Mohab Mamich during a press conference in Ismailia.

According to him, this new project will include creating a million of jobs, an important issue while the country has an unemployment rate above 20% Once completed, Cairo hopes for an annual fee of about $ 13 billion against the current $5 billion, according to some experts.

The cost of digging the new channel would hit about $ 4 billion.

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