Tuesday, December 07, 2021

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Egypt plans to increase Suez Canal’s revenues

Egypt plans to increase Suez Canal’s revenues

Cairo, Aug 30 (Prensa Latina) Egypt plans to earn 6.3 billion dollars for the transit of ships through the Suez Canal in the fiscal year 2021-2022, an increase of 5.6 percent year-on-year, an official source revealed on Monday.
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The aim is to raise the waterway’s revenue by developing its economic zone to turn it into a high-tech industrial and logistical zone, Minister of Planning and Economic Development Dr. Hala El Said explained.

The official pointed out that this Canal handles about 10 percent of global maritime trade.

The Suez Canal Authority (SCA) stressed in early August that the tonnage soared by 51.1 percent to reach 1.191 billion tons in the recently completed fiscal year.

Despite the effects of Covid-19 on world trade, SCA chairman Osama Rabie said that this route had a profit margin of eight percent.

Built between 1859 and 1869, the 163-kilometer long Suez Canal is a man-made sea-level waterway, connecting the Mediterranean Sea to the Red Sea.

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