Upgraded Suez Canal to boost Egyptian prosperity
Tuesday, August 11, 2015 - 16:20
in Earth & Climate
John C.K. Daly On August 6 the Egyptian government opened an expanded Suez Canal. The $8.5 billion project is intended to double the Canal's ship transits from its current rate of of 49 ships to 97 merchantmen by 2023. The cost of the upgrade was met by issuing bonds available to the Egyptian people and companies, with the bonds selling out in six days.