Egypt on 6 August 2024 unveiled a major expansion of the new Suez Canal.
It was inaugurated by Egyptian President Abdel Fattah al-Sisi in a ceremony held at port city of Ismailiya, located on west bank of canal.
This new waterway is expected to boost the traffic that passes through the canal. The project got completed in one year span with an estimated cost of 8 billion US dollars.
About Suez Canal expansion
- The project was started in August 2014 for the expansion of the Ballah Bypass from 61 metres to 312 metres. This expansion was named as the New Suez Canal.
- Expansion will ensure smooth handling of traffic that passes by the canal in order to boost Egypt’s economy and global standing by turning the Suez Canal zone into a global logistics and trade center.
- It allows ships especially larger vessels to transit the canal in both directions simultaneously, thus increasing canal traffic and revenue.
- The expansion is expected to double the ship capacity of the Suez Canal from 49 to 97 ships a day by 2023.
What is Suez Canal
- It is an artificial waterway in Egypt that connects Mediterranean Sea and Red Sea.
- Suez Canal was opened in 1869 after ten years of construction.
- The canal allows traders and ships to navigate between Europe without passing through Africa.
- It is owned and maintained by Suez Canal Authority of Egypt.
- Suez Canal is an important source of revenue for the country.
- Egypt earns about 5 billion US dollar every year through Suez Canal.