FINANCIAL TIMES: Abdel Fattah al-Sisi, Egypt’s president, has made the Suez Canal the centrepiece of a vast new public works programme designed to restart the country’s ailing economy and rally political support.
The waterway is a cherished national symbol for Egyptians. Built by thousands of conscripted labourers it was inaugurated in 1869 and nationalised in 1956 by then president Gamal Abdel Nasser, prompting the Suez war. His defeat of former colonial powers France and Britain, along with Israel, transformed Nasser – to whom Mr Sisi has been compared by many commentators – into an Arab hero…
According to the plans, a 34km parallel channel will be built to allow two-way traffic along the waterway. Sections of the existing canal will be widened and deepened, and car and rail tunnels will be dug underneath. In a bid to underline his resolve, Mr Sisi has decreed that the project’s initial three-year deadline should be reduced to one year… (more)
EDITOR: The project will reduce the number of unemployed Egyptians. The investment will be paid back over time from added canal revenues. This is exactly what nations need to do during times of recession. Instead, the US has spent money funding unemployment rather than investing in much needed projects.
