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What is Suez canal? If you have been living under a rock, or skipped Social science's through middle school, read through. The Suez Canal’s importance for Egypt The 150-year-old canal was controlled by British and French interests in its initial years, but was nationalized in 1956 by Egypt’s then leader Gamal Abdel Nasser. Over the years, the canal has been widened and deepened. In 2015, Egypt announced plans to further expand the Suez Canal, aiming to reduce waiting times and double the number of ships that can use the canal daily by 2023. As per an AFP report, the canal is a major source of income for Egypt’s economy, with the African country earning $5.61 billion in revenues from it last year. The Suez Canal is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez and dividing Africa and Asia. Constructed by the Suez Canal Company between 1859 and 1869, it officially opened on 17 November 1869. The canal offers wat...
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