by Benson Agoha | Africa
One of the giant projects embarked upon by Egypt's President in his first year in office was the expansion of the Suez Canal - a very important shipping route that connects the Red Sea with the Mediterranean Sea.
|A container vessel passes the new canal after|
completion of the expansion project.
|Michael Fallon MP for Sevenoaks and current|
Minister for Defence is currently in the middle east.
- The contract Award was denominated on Egyptians pounds only as a way to make a truly localised project, according to the governor of Egypt's Central Bank.
- To finance the project, Egypt issued Investment Certificates and interested persons had to buy them from local banks. The certificates were also made available to Egyptians living abroad.
- The Suez Canal is a 101-mile-long waterway.
- It took more than 15 years to plan and build, against repeated political objection, labour shortages and a deadly cholera outbreak.
- Egypt had to dig a 72 kilometre-long waterway parallel to the Suez Canal, with the aim of increasing the capacity of the vital international shipping route.
- The new Canal is 24 meters deep.
- It was completed one year after the go ahead was given, instead a projected three years.
- The formal reopening itself was publicised for weeks before the August 6th date and was very well celebrated.
- It is a strategic waterway for Egypt and it brings the state billions of dollars annually.
- With the expansion the Suez Canal is expected to generate even more billions.
- The Suez Canal was the first canal that directly links the Mediterranean Sea to the Red Sea as stated above.
- It was opened for navigation on the 17 the of November 1869.
- But on the 26th of July, 1956 Egypt nationalized it.
- President Assisi ensured it was completed with one year.
- The New Suez Canal cost a reported $8bn (£5.2 bn).
- $8.5 was raised in just 8 days for the project to begin.
- During the construction 250 million cubic meters of sand had to be excavated (enough to build 100 great pyramids).
- It took 43,000 to build.
Watch the video, just released:
|Map of Egypt showing the Suez Canal, clearly marked.|
The opening of the Suez Canal on November 17, 1869.
(Credit: via Wiki)
|Egyptian soldiers marked the start of construction a year ago.|