Egypt’s Suez Canal revenue rises to $5.7bln in 2018
Egypt’s Suez Canal revenue rose to $5.7 billion in 2018, from $5.3 billion in 2017, Reuters calculations based on data from a government website showed on Monday.
The canal is the fastest shipping route between Europe and Asia and one of the government’s main sources of foreign currency.
December’s Suez Canal revenue was $471.8 million, up from $461.5 million the previous month and slightly higher than the previous December’s $471.5 million.
A major extension of the Suez Canal was inaugurated by Egypt in August 2015, aiming to power an economic turnaround.
The $8 billion New Suez Canal project was completed in only one year instead of three on President Abdel Fattah al-Sisi’s orders, but economists and shipping analysts had questioned whether there was sufficient traffic to meet its ambitious revenue targets.
Source: Reuters (Reporting by Youssry Ahmad Writing by Yousef Saba Editing by Louise Heavens and David Goodman)