Egypt to build transport tunnels under Suez Canal in $8B projectNovember 22, 2014 - 12:45 AMT PanARMENIAN.Net - Egypt will use machines made by a German firm to bore at least four tunnels under the Suez Canal, part of an $8 billion project to expand the waterway that the government hopes will raise revenues and foreign currency reserves, according to Reuters. Unlisted Herrenknecht AG was discussing contract details, a spokesman for the company said on Friday, Novmber 21 giving no details. Kamal al-Waziri, chief of staff of the Egyptian armed forces' engineering division, had said on Thursday that the army had contracted a German company to provide machines for three car and train tunnels in Port Said, the northern outlet of the canal into the Mediterranean Sea. The tunnels are being built by Orascom Construction and other Arab contractors. Half of the budget for expanding the canal was allocated for building six tunnels, the Suez Canal Authority said last week. Egypt has been battered by political turmoil and violence for more than three years and the government of President Abdel Fattah al-Sisi hopes the expansion will almost triple revenues from the waterway by 2023 to $13.5 billion from $5 billion. Sisi, the former army chief who has put infrastructure mega-projects at the top of his economic agenda, called for the new canal to be built within one year, instead of the five years recommended by international experts. The development will run alongside the existing 145-year-old waterway - the fastest shipping route between Europe and Asia. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |