CAIRO - A new 72-km (45-mile) canal alongside to be built alongside the existing the Suez Canal is expected to cost $4 billion, the chairman of the Suez Canal Authority said on Tuesday.

"The total estimated cost of digging ... for the new channel will be about four billion dollars," Mohab Mamish told a conference in Ismailia, a port town on the Suez Canal, broadcast by state television.

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