Egypt seeks prestige, economy boost with 'new Suez Canal'

Egypt on Aug 6, 2015 will inaugurate a "new Suez Canal" waterway touted as an achievement rivalling the digging of the original, as it seeks to boost both its economy and international standing.

The ceremony, to be attended by foreign dignitaries including French President Francois Hollande, comes just over two years after President Abdel Fattah al-Sisi, the former military chief, overthrew his Islamist predecessor.

Sisi broke ground on the project last August after winning a presidential election on promises of strengthening security and reviving the ailing economy.
The new 72-kilometre (45-mile) waterway, built in less than a year at a cost of $9 billion (7.9 billion euros), runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean. It will cut the waiting period for vessels from 18 hours to 11.