Egypt Inagurates New Waterway Project

The Egyptian government has inaugurated a new waterway project in the Suez Canal which will allow the canal to have a two-way traffic flow for ships that have been using it. The construction of the canal which was initially estimated to be completed in three years, has so far reached 80 pc of completion within 12 months of time.

This project is expected to double the current daily ship capacity of the canal and increase the annual revenue from 5.3 billion dollar to 13.2 billion dollar by 2023.

The Suez Canal which was built in 1869 connects the Mediteranian Sea with the Red Sea, has been the centre of interest among superpowers for the past centuries and still is considered a major geopolitical location. It is the shortest path for ships travelling from western to the eastern hemisphere.

Source : Addis Fortune