Egyptian authorities say they are on track to open a “new” Suez canal on August 6, a project they say will more than double the canal’s income during the next 10 years. But some analysts say the project alone will not be enough to rescue the country’s flailing economy.
Egypt Says 'New' Suez Canal to Open Aug. 6
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The Suez Canal has been operating since 1869, basically making it possible to get from Europe to Asia by sea, without looping around Africa. (Heather Murdock/VOA)
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Building the original canal was fraught with problems and was a short-term economic disaster. But last year, Canal authorities reported the waterway's largest annual income of $5.5 billion. (Heather Murdock/VOA)
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Construction of the expansion, called the "new" canal was originally expected to take three years. But last year Egyptian President Abdel Fattah el-Sissi announced the project would finish in a year. Picture taken June 13. 2015. (Heather Murdock/VOA)
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Giant waterspouts flow water from the old part of the canal to the new, raising the water level. Picture taken June 13, 2015). (Heather Murdock/VOA)
