Ships cross the Suez canal, near Ismailia port city, northeast of Cairo May 1, 2014. (REUTERS/Amr Abdallah Dalsh)
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Egypt plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia.Egyptian President Adel-Fattah al-Sisi, a former army chief, said the armed forces would be in charge of the new project for security reasons. Up to 20 Egyptian firms could be involved in the project but would work under military supervision, he said.Nasser was praised by Egyptians for pursuing several big projects during his 14 years as president.Egypt has planned for years to develop 76,000 square kilometers around the canal to attract more ships and generate more income.Sisi said the new canal was an unannounced part of that project, which Egypt invited 14 consortia to bid for in January.
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