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Thursday, 05 December 2019

Suez Canal breaks records, transfers EGP 72.2 bln to state treasury

MENA , Ahram Online , Tuesday 6 Aug 2019
Suez Canal
File Photo: A Container ship crosses the Suez Canal at Port Said (Photo: Reuters)
Views: 2754
Views: 2754

Egypt's finance ministry said the Suez Canal Authority (SCA) has provided the state treasury with EGP 72.2 billion in the 2018/2019 fiscal year.

The figure is historically the highest, the ministry added in a statement on Saturday.

It does not include operating and maintenance expenses, financing investment plans, expansions and many projects serving the national economy, the statement read.

The total revenues have recorded a remarkable increase, reaching EGP 104.3 billion in the 2018/2019 fiscal year, compared to EGP 74.2 billion two years ago, with a growth rate of 40.4 percent.

In celebration of four years since the inauguration of the new Suez Canal, the Cabinet published an infograph about the activity of the vital crossing in recent years.

The revenues of the strategic canal recorded a yearly growth rate of 5.4 percent in FY 2018/2019, reaching $5.9 billion in last fiscal year from $5.6 billion in FY 2017/2018.

The growth showed steadiness in growth, with minor slips in the past years, recording $5 billion in 2016/2017 and $5.1 billion in FY 2015/2016.

Suez Canal	2

Suez Canal	2

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