Egypt's National Authority for Tunnels (NAT) has signed an agreement with Spanish firm Getinsa Paymacotas to conduct technical studies and tender documents to build three new tunnels underneath the Suez Canal, Reuters has reported. The EGP5bn ($722m) project is part of the development plan for the canal region. "This is a step towards the Suez Canal development," said head of the NAT, Abdel Moneim Amin. "Two tunnels will be allocated for roads and the third will be for a railway." Currently, there is only one tunnel under the international waterway located north of Suez, known as the Martyr Ahmed Hamdi Tunnel.