Suez Canal administrative building (Photo:Al- Ahram Weekly)
Egypt’s revenues from the Suez Canal totalled LE2.8 billion ($399.3 million) in February, a 6.4 percent increase from February 2013, according to the latest report from the state-run Information and Decision Support Centre (IDSC), based on data from the Suez Canal Authority.
The figure represents a 7.9 percent drop from the previous month’s revenues of LE3 billion ($433.4 million).
The number of vessels (1,265) passing through the canal increased by 2.2 percent in February, as compared to the same month last year (1,238). However, the number of vessels is down by 9.5 percent when compared to the previous month of January.
The artificial waterway connecting the Mediterranean and Red Sea, one of Egypt's main sources of foreign currency, saw around LE36.3 billion ($5.2 billion) in revenues during the fiscal year 2012/13, official data showed.
In February, Mohab Memish, the head of the authority that manages the waterway, stated that revenues from the canal were expected to reach a record high of LE38.4 billion ($5.5 billion) in the current fiscal year.