August 6 - Egypt's President Abdel-Fatteh el-Sisi has unveiled a plan to build a second Suez Canal, in an attempt to increase the number of vessels transiting the route.

A new 45-mile (72.4 km) section will be run alongside the existing 101-mile (162.5 km) channel, which will allow vessels to easily navigate in both directions.

The project is expected to take five years to complete at a cost of approximately USD4 billion.

In a televised speech delivered on Tuesday, President Sisi stated the project would receive no financing from abroad and the cost would be offset by contributions from individual Egyptians.

The 145-year old Suez Canal is the fastest shipping link connecting Europe and Asia and Sisi believes that its expansion has the potential to provide long-lasting stability to Egypt's slumping economic output.