Vessels reportedly have to queue to get through the existing strait (Image: Getty)
The is a major thouroughfare for much of the world’s trade, as it avoids a long journey around the bottom of the continent.
Instead, ships sail through the oceanic highway, which was built in the 19th century, from the into the Mediterranean.
Now, a similar smaller project is being built by . The Istanbul Canal is set to be located in East Thrace, and connect the Black Sea to the Sea of Marmara, and, by extension, to the Aegean and Mediterranean seas.
It will spilt the European side of Istanbul, forming an island between Asia and Europe.
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The canal aims to alleviate pressure on a natural strait in Turkey (Image: Getty)
The venture aims to address shipping traffic in the Bosporus, a natural strait in Istanbul, and its predicted to have a capacity of 160 vessel passages per day.
This is similar to the current level of traffic that passes through the Bosporus, where traffic congestion can reportedly leave ships queuing for days.
Predicted costs of the project vary, with suggesting it will require $15billion (£12.3billion) in spending.
on YouTube, meanwhile, suggests $65billion (£53.3billion).
In August, Turkey’s President, Recep Tayyip Erdoğan said that the project would receive €23billion (£19.4billion) in funding.
He added that the canal would be 45 kilometres in length, with its breadth varying from 400 to 1,000 metres.
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The waterway will also reach as deep as 25 metres, and have six bridges, reports.
Erdoğan has called the canal his “crazy project”.
He reportedly said in 2021: “Look, this is not a fountain opening ceremony.”
The leader added: “Today we are laying the foundations of one of the exemplary canals in the world.”
Istanbul’s mayor, Ekrem Imamoglu, though, expressed scepticism.
He said: “The construction of a bridge here has nothing to do with the canal project. It’s something to do with the road hub.”