Egypt's Suez Canal revenues rise 6.8% in 2014

Ahram Online , Thursday 8 Jan 2015

Revenues went up to $5.46 billion in 2014 from $5.11 billion in 2013

Suez Canal
A Container ship crosses the Suez Canal at Port Said (Photo: Reuters)

Egypt's Suez Canal reached $5.46 billion in revenues in 2014 compared to $5.11 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 is currently underway and 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 reserves, 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 according to country's central bank data.

 

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