Egypt’s Suez Canal Revenues rise 6.8% in 2014

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Egypt’s Suez Canal achieved $5.456 billion in revenues in 2014 compared to $5.111 billion in 2013, a 6.75 percent increase, reported state-owned news agency MENA on Thursday.

The canal saw 17,150 ships pass through carrying 962.8 million tonnes of cargo, added MENA.

A project to expand the canal, currently underway, is estimated by the government to more than double the revenues by 2023.

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 net international reserves inched down to $15.33 billion at the end of November compared to $15.88 billion a month prior. shows the country’s central bank data.

Source: Ahram Online

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