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November 21, 1989 | From Times Staff and Wire Reports
Nearly $1 billion will be spent to expand the Suez Canal in a project expected to start in the first half of 1991, the chairman of the canal authority said. Mohammed Ezzat Adel said feasibility studies will be completed by Egyptian and foreign experts in 17 months and that the expansion work will begin immediately afterward. Adel said that loans, coupled with a 5% average increase in the canal's tolls effective Jan. 1, will pay for the project.
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NEWS
November 21, 1989 | From Times Staff and Wire Reports
Nearly $1 billion will be spent to expand the Suez Canal in a project expected to start in the first half of 1991, the chairman of the canal authority said. Mohammed Ezzat Adel said feasibility studies will be completed by Egyptian and foreign experts in 17 months and that the expansion work will begin immediately afterward. Adel said that loans, coupled with a 5% average increase in the canal's tolls effective Jan. 1, will pay for the project.
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