The new 45-mile section would run alongside
the existing Suez Canal
Project could be complete in five years at a
cost of more than £2.4billion
101-mile-long Suez is the fastest shipping
link between Europe and Asia
New waterway will allow ships to travel in
both directions for half that length
Egyptian authorities believe it will boost
annual revenues to $13.5billion
Egypt is planning to build a new Suez
canal alongside the existing 145-year-old waterway in a multi-billion pound bid
to boost its economy.
The 45-mile corridor will expand what is the fastest shipping route
between Europe and Asia and is part of several 'mega projects' designed to
breathe new life into the nation.
Warplanes flew overhead in a ceremony
broadcast on state television from the canal city of Ismailia as Egypt's
president Abdel-Fatteh el-Sisi officially launched the military-led scheme, set
to cost £2.4bn.
He said that digging of the new canal
will allow ships to travel in both directions for just under half of the
canal's 101-mile length. And although the initial time frame for completion was
five years, el-Sisi estimated it could be finished in just 12 months.
Egypt is the gatekeeper of the Suez
Canal, one of the world's busiest water corridors and the strategic link
between the Red Sea and the Mediterranean.
