Egypt allocates $16.9 bln for Suez Canal investments in FY2020/2021

Egypt allocates $16.9 bln for Suez Canal investments in FY2020/2021 Suez Canal investments in FY2020/2021, which have been assigned to carry out improvement and expansion projects in the wake of the COVID-19 crisis, according to Minister of Planning and Economic Development Hala El-Saeed

El-Saeed noted that the canal is a major source for generating hard currency, and its revenues recorded $5.7 billion in FY2018/2019 and $5.9 billion in FY2019/2020.

According to the report, the FY2020/2021 investments for the Suez Canal will be used in establishing four tunnels under the canal, building and purchasing 38 fishing vessels, and establishing a number of national projects.

El-Said said the Suez Canal is a major artery for the flow of global trade, given that 8.3 percent of the total global trade movement comes through the canal, including 100 percent of containers between Asia and Europe and 25 percent of containers globally.

She added that the Suez Canal is also one of the most important global supply chains due to its unique location as a navigation channel that links the Mediterranean and the Red Sea, in addition to the services it offers for ships and cargo vessels.

Suez Canal revenues increased to $467.8 million in August, up from $440.1 million in July, the cabinet announced on Friday.