Egypt plans to build $8.2B channel parallel to Suez Canal

Egypt plans to dig a new channel parallel to the Suez Canal in an $8.4 billion venture to boost capacity at the vital global waterway, marking a new era of regeneration after the 2011 revolution.

According to Bloomberg Businessweek, construction of the passage is expected to take three years, though President Abdel-Fattah El-Sisi has ordered it to be completed in a year.

The new channel would reduce maximum waiting hours for ships to three hours from 11 hours, according to the report.

“As global trade grows and the Egyptian economy needs to develop its sources of hard currency, we had to think about the project of digging a new Suez Canal,” said Mohab Mamish, head of the Suez Development Authority.

Read more from Bloomberg Businessweek.