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Egypt's Suez Canal revenue rises to $462.1 million

The canal is the fastest shipping route between Europe and Asia and is one of the country's main sources of foreign currency

Published: Updated:

Egypt's revenue from the Suez Canal rose to $462.1 million in August, from $437.7 million in July, the Suez Canal Authority's website stated on Tuesday.

Revenues in June were $431.6 million, it said.

The canal is the fastest shipping route between Europe and Asia and is one of the country's main sources of foreign currency.

On August 6, President Abdel Fattah al-Sisi launched an $8-billion expansion of the canal that aims to double daily traffic by 2023 and increase annual revenues to more than $13 billion by 2023, from just over $5 billion in 2014.