Word: canallers
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...Calcutta-ization." Following the Suez Canal's closing, which has cost Egypt an estimated $2 billion in lost revenues since 1967, the country has largely depended on tourism and agricultural exports for income. Egypt has also received subsidies and credits from Arab allies (notably Saudi Arabia and Kuwait) and substantial aid (mostly military) from the Soviet Union. Nonetheless, Egypt's foreign debt is now about $7 billion. This year's balance of payments deficit will probably be the same as last year's: about $2 billion...
...architects of the new Egypt is Osman Ahmed Osman, 57, the principal contractor on the Aswan High Dam, who after the war was named Minister of Housing and Reconstruction by Sadat. Osman's first assignment is a $6 billion reconstruction of the Canal Zone, including the cities of Suez, Port Said, Ismailia and reclamation of land on both sides of the canal. Once that is completed, Osman wants to build a system of concrete culverts beneath the Suez Canal (which is now being cleared by teams of Egyptian, U.S. and British divers) that will carry water from the Nile...
...before the carrier anchored, U.S. Navy RH-53 Sea Stallion helicopters had begun the clearing operation. During the first stage of the project, code-named "Nimbus Star," the Sea Stallions will be working with British minesweepers to locate the thousands of shells, rockets and bombs that fell into the canal during the 1967 and 1973 wars and the 1969-70 "war of attrition." Commanding the operation is U.S. Rear Admiral Brian McCauley, 52, who directed the American minesweeping of Haiphong harbor. He explained that helicopters will sweep for magnetic, acoustic and pressure mines and also "fashion...
Because the canal is so clogged, McCauley estimates that opening it to navigation could take more than a year. The minesweeping will require at least two months; it could take another year to detonate all the explosives in the canal and along its banks and to clear it of wreckage. Throughout its 107-mile length, the canal is littered with the detritus of war. In a segment only one kilometer long, British minesweepers have detected 180 objects. In other parts of the waterway, tanks, trucks, boats and twelve large ships are sunk and await a massive salvage effort. An additional...
...minesweeping will cost the U.S. about $15 million-part of the $250 million aid for Egypt that the White House has requested from Congress. The price is low when measured by the canal's economic value. Not only will the reopening of the canal benefit Egypt (which can anticipate collecting at least $250 million in annual tolls), but also Europe, the Middle East and Asia. A United Nations report estimates that since 1967 the world's economy has lost $10 billion to higher shipping costs and a decline in trade because of the canal's closure. When...