World Economy

Egypt to Open New Suez Canal

Egypt to Open New Suez CanalEgypt to Open New Suez Canal

Egypt’s New Suez Canal will open on August 6, the canal authority chairman said, a project that President Abdel Fattah al-Sisi hopes will stimulate an economy suffering double-digit unemployment, Reuters reported. The army began work 10 months ago on the new canal, built alongside the existing 145-year-old historic waterway at a cost of $8 billion and part of a multi-billion-dollar project to expand trade along the fastest shipping route between Europe and Asia. The Suez Canal is a vital source of hard currency for Egypt, particularly since a 2011 uprising that scared off tourists and foreign investment.