Egypt finishes work on New Suez Canal

Egypt has finished building its New Suez Canal, its overseer said Wednesday, a project President Abdel-Fattah al-Sisi sees as a symbol of national pride and a major chance to stimulate an economy suffering double-digit unemployment.

The army led work 11 months ago on the $8-billion canal, flanking the existing, 145-year-old waterway and part of a larger undertaking to expand trade along the fastest shipping route between Europe and Asia.

The Suez Canal is a vital source of hard currency for Egypt, particularly since the 2011 uprising that scared off tourists and foreign investment.

“We have finished work on time and even before the specified time,” retired Admiral Mohab Mameesh, chairman of the Suez Canal Authority, said at a news conference.