The idea of a canal was revived after Greece gained formal independence from the Ottoman Empire in 1830. The Greek statesman Ioannis Kapodistrias asked a French engineer to assess the feasibility of the project but had to abandon it when its cost was assessed at 40 million gold francs—far too expensive for the newly independent country. Fresh impetus was given by the opening of the Suez Canal in 1869, and, the following year, the government of Prime Minister Thrasyvoulos Zaimis passed a law authorizing the construction of a Corinth Canal. French entrepreneurs were put in charge but, following the bankruptcy of the French company that had attempted to dig the Panama Canal, French banks refused to lend money, and the company went bankrupt as well. A fresh concession was granted to the "Société Internationale du Canal Maritime de Corinthe" in 1881, which was commissioned to construct the canal and operate it for the next 99 years. Construction was formally inaugurated on 23 April 1882 in the presence of King George I of Greece.