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Egyptian authorities expect more Suez Canal’s revenues

Egipto, Canal, Suez, ingresos

Egyptian authorities expect more Suez Canal’s revenues

Cairo, May 23 (Prensa Latina) The Egyptian authorities on Monday expect the Suez Canal's revenues to reach at least seven billion dollars during this fiscal year, 1.5 billion more than what was collected in the previous one.

Quoted by Al-Ahram newspaper, Finance Minister Mohamed Maait explained that during this period, tourism revenues expect to reach from 10 billion dollars to 12 billion dollars.

Maait pointed out that tourism in Egypt has been reduced by 35 percent due to the conflict in Ukraine.

The official’s statements were made during meetings with representatives of British banks in London.

Suez Canal Authority Chairman Osama Rabie recently revealed that the canal revenues reached 1.691 billion dollars in the first quarter, an increase of 20 percent year-on-year, and 6.3 billion in 2021, the highest figure in history in a 12-month period.

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.

For its part, tourism accounted for up to 15 percent of the national Gross Domestic Product before the Covid-19 pandemic.


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