File - A fisherman travels on a boat near container ships in the Suez Canal, near Ismailia port city, northeast of Cairo in this May 2, 2014.REUTERS/Amr Abdallah Dalsh
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Egypt plans to build a new Suez Canal alongside the existing 145-year-old waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia.The Suez Canal earns Egypt about $5 billion a year in revenues, a vital source of hard currency for a country that has suffered a slump in tourism and foreign investment since its 2011 uprising.Egyptian President Abdel-Fattah al-Sisi, a former army chief, said the armed forces would be in charge of the 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.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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