Egypt to construct a new Suez Canal to boost trade with Europe and Asia

Posted on May 1, 2023   |  

Egypt is planning to build a new Suez Canal, which is desired to boost trade with the quickest shipping route between Europe and Asia.

The Suez Canal makes EGP 5 billion dollars a year. It is an essential source of currency for the country.

This project will create a new similar Suez Canal with a length of 72 kilometers.

The total cost of drilling the new channel will be 4 billion and be done in 5 years, though Egypt will aim to finish it within a 3-year deadline.