Egypt planning to build new Suez CanalAugust 5, 2014 - 13:54 AMT PanARMENIAN.Net - Egypt is planning to build a new Suez Canal alongside the near-145 year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia, Reuters reported. "This giant project will be the creation of a new Suez Canal parallel to the current channel of a total length of 72 kilometres (44.74 miles)," Mohab Mamish, chairman of the Suez Canal Authority, told a conference in Ismailia, a port town on the Canal. His comments were broadcast by state television. The current Suez Canal brings in around $5 billion of revenues per year, a vital source of hard currency for Egypt which has suffered a slump in tourism and foreign investment since its 2011 uprising. To attract more ships and generate more income, the country has had plans to develop 76,000 square kilometres (29,000 square miles) around the canal for years. Mamish spoke at a conference in which President Abdel Fattah al-Sisi is expected to announce a winning consortium to develop the project, which includes building an international industrial and logistics hub in the Suez Canal area. Mamish said the project would involve 35 kilometres ( miles) of "dry digging" and 37 kilometers ( miles) would be "expansion and deepening", indicating the current Suez Canal, which is 163 km (101 miles) long, could be widened as part of the project. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |