Egypt's Suez Canal revenue rises to $462.1 million

A general view of the Suez Canal from Al Salam "Peace" bridge on the Ismalia desert road before the opening ceremony of the New Suez Canal, in Egypt, August 6, 2015. (Reuters)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47