Egypt’s Suez Canal revenues hit $19.1 billion since new channel opening
Egypt’s revenues from the Suez Canal in the four financial years from 2015/2016 – when a new parallel channel was inaugurated – until 2018/2019, recorded 317.2 billion Egyptian pounds ($19.1 billion).
Revenues stood at 41 billion pounds in the 2015-2016 financial year, following by a 78 percent growth to 73 billion pounds in the 2016/2017 triggered by the inauguration of the new Suez Canal in August 2015, the canal authority chairman said on Tuesday.
Speaking at the 4th anniversary of the new canal inauguration, Mohab Mamish said the revenues went on its upward trend, growing by 35.3 percent to 99 billion pounds in the 2017/2018, and 5.3 percent to 104.2 billion pounds in the 2018/2019.
The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.