Egypt to open new Suez Canal in August
The 8 billion dollar canal is expected to expand the trade volume of the fastest shipping route between Europe and Asia and give an economic boost to Egypt. President El-Sissi ordered the new waterway to be dug in a single year while underlining the urgency of Egypt’s economic situation. The project was originally planned with a three-year timetable.
Along with the parallel waterway to the canal, an industrial and logistical zone are also planned to be built over the next five years. Through these projects, Egypt hopes to draw more investments from companies eager to use the Suez Canal route.
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