Digging has already begun to expand the Suez Canal, and Egyptians appear to be in favor of the project having raised, in only 6 days, $5.5B of the $8.4B needed. The expansion will add parallel corridors along sections of the canal which currently are too narrow for two-way traffic.
The new waterway is expected to help revive Egypt's ailing economy by increasing ship traffic revenues, luring huge foreign investments and creating thousands of job opportunities. The project was designed to be finished within three years, but [Egypt's newly-elected President Abdel-Fattah al-Sisi] ordered the New Suez Canal be done in one year sharp and be open for ship navigation in early August 2015.
The deeper New Suez Canal will allow huge container-carrying ships to pass through the original Canal in both directions limitlessly... It would also help speed up the transiting of vessels and reduce their waiting time for passing from 11 hours to only three hours.
Posted by Note Taker