ECONOMY

Egypt’s Suez Canal revenues rise to $414.4 mln in December

A ferry transporting cars and people crosses the Suez Canal in the Egyptian port city of Ismailia, east of Cairo. (File photo: AFP)

Egypt’s Suez Canal revenues rose to $414.4 million in December from $389.2 million the previous month, according to a government information website.

The canal is the fastest shipping route between Europe and Asia and one of Egyptian government's main sources of foreign currency. Egypt has been struggling to revive its economy since a 2011 uprising scared away tourists and foreign investors, key earners of hard currency.

The canal’s $8 billion expansion, inaugurated by President Abdel Fattah al-Sisi in August 2015, was intended to help revive the ailing economy by doubling daily traffic and increasing annual revenue to more than $13 billion by 2023.

That boon has yet to materialize amid a slowdown in global trade.
 

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Last Update: Thursday, 19 January 2017 KSA 20:25 - GMT 17:25
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Egypt’s Suez Canal revenues rise to $414.4 mln in December
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