To create jobs, boost economy and speed up traffic, Egypt has just began the construction of a new Suez Canal that would run parallel to the 145 year old original canal.
Worth close to $4bn USD, the new canal, that would connect the Red Sea and the Mediterranean Sea is expected to create nearly one million jobs in the technical field.
The new 72km-long Suez Canal Axis, which will expand the fastest shipping route between Europe and Asia, is among several projects designed to bring up the Egyptian economy.
The current Suez Canal, is one of the world’s most heavily used shipping lanes, taking 10 years to build. In 2013, the waterway was used by nearly 16,600 ships. While new construction is likely to take three years to complete, Egypt President Abdel Fattah al-Sisi noted that the project is expected to be finished in a year.
The project will involve 37km of dry digging and expansion, and deepening of the existing canal by 35km. This will help vessels to increase their movement speed.
Under the direct supervision of the country’s armed forces, 17 private Egyptian companies will construct the canal. Authorities of the Suez Canal have said that the new canal will boost annual revenues to $13.5bn by 2023.