Suez Canal Revenues Mark Fall in February

Thursday / March 23, 2017

Egypt’s Suez Canal revenues fell to $375.8 million in February from $395.2 million the previous month, a government website reported. 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 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 2015, was intended to double daily traffic and increase annual revenue to more than $13 billion by 2023. That has yet to materialise amid a slowdown in trade.

Source: Reuters

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