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Egypt’s Suez Canal revenues rise to $493.3 mln in July

Egypt’sSuez Canal revenues rose to $493.3 million in July, a Reuters calculation showed.

Suez Canal Authority Chief Mohab Mamish said at a press conference that revenues for July rose by $46.2 million compared with the same month last year.

Revenues in the first six months of 2018 increased by $400 million compared with the same period a year before, Mamish said.

Egypt has said that an $8 billion army-led expansion of the canal completed in 2015 would increase canal revenues to $13 billion by 2023.

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

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