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Egypt Plans to Dig New Suez Canal Costing $4 Billion

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. 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. The new channel, part of a larger project to expand Suez port and shipping facilities,...

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