Suez Canal Annual Revenues Rise 12% In August

Egypt’s revenues from the Suez Canal totalled $510 million in August, a 12 percent increase from the $455 million generated in August last year, according to Egypt’s Information Portal (EIP).

The new figure also represents a 5.8 percent rise from the previous month’s revenues of $482.2 million.

According to Mohab Memish, the head of the canal authority (SCA), revenues reached a substantial $5.3 billion (LE37 billion) in the fiscal year ending in June 2013, the highest revenues since its opening in 1869 and a 5.5 percent increase from the last fiscal year.

The number of vessels passing through the canal this August was 1,577, an 8.8 percent increase from 1,449 vessels in the same period a year earlier, showed the EIP data.

The artificial waterway which connects the Mediterranean and Red Sea is one of the country’s main sources of foreign currency revenue, along with tourism and remittances from Egyptian expatriates.

Egypt’s foreign reserves amounted to $16.8 billion in August, according to the central bank.

The SCA is currently digging a parallel waterway with the aim of increasing traffic in the canal to raise revenues to $12-$13 billion by 2023, according to the minister of finance, Hany Qadry.

Source : Ahram online