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Suez Canal 9 months revenues rise to $3.86 bln

Published: Updated:

Revenues generated by Egypt’s Suez Canal rose slightly to $3.86 billion in the first nine months of 2017 from $3.78 billion a year earlier, the canal authority said on Wednesday.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.

Egypt has been struggling to revive its economy since an uprising in 2011 scared away tourists and foreign investors, key earners of hard currency.

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

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