The Egyptian government approved legislative amendments on Thursday that would grant the Suez Canal Authority the right to establish joint-stock companies, the cabinet said in a statement.

Egypt plans to build a new Suez Canal alongside the existing 145-year-old waterway, in a multi-billion-dollar project to expand trade along the fastest shipping route between Europe and Asia.

The government plans to build an international industrial and logistics hub near the canal to attract foreign investment.

The approved amendments would allow the authority to form joint-stock companies in a bid to attract investors.

Previously the Suez Canal Authority had powers that included managing and maintaining the canal and imposing navigation tolls.

The Suez Canal is a main source of hard currency for a country that has suffered a slump in tourism and foreign investment since the 2011 uprising that ousted veteran autocrat Hosni Mubarak. - Reuters