Egypt to dig new canal alongside Suez Canal

New multi-billion dollar project expected to generate a revenue of $100 bn and provide 1 mn new jobs

Egypt will dig a new 72-km canal parallel to the historic Suez Canal, a move that will expand trade and generate a revenue of $100 billion and provide 1 million new jobs.

"The project will be finished in one year," President Abdel Fattah al-Sisi today announced during the opening ceremony of the Suez Canal Corridor project.

The new multi-billion dollar project is expected to generate a revenue of $100 billion and provide 1 million new jobs, state-run news agency MENA reported.

Head of the Suez Canal Authority Mohab Mamish said the new project aimed to create "a new Suez Canal parallel to the current channel."

The project has been a dream for three successive Egyptian governments.

Sisi called on the rich people to take part in Tahya Masr Fund, launched last month to support Egypt's economy.

He said Egypt had given more to its people and it was time for them to payback to help finish the digging.

"You will pay come what may, because Egypt gave you more," the President said in his speech held in the Suez Governorate.

The long cherished plan was proposed twice to the ousted President Hosni Mubarak's administration and was cancelled because of its high price tag.

It then faced another stumbling block when Islamist Mohamed Morsi's presidency was cut unexpectedly short last year.

The 145-year-old Suez Canal rake in an estimated $5 billion in revenue per year, an important source for Egypt which has suffered a slump in tourism and foreign investment since the 2011 uprising.