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During a visit to Ismailia on Monday, Hollar praised the improving traffic levels of the Suez Canal, as the authority reported rising revenues and stronger forecasts following renewed stability in the Red Sea.
The IMF mission is currently in Cairo to review Egypt’s ongoing reform programme, discuss completing the fifth and sixth reviews of the Extended Fund Facility (EFF), and conduct the first review of the Resilience and Sustainability Facility (RSF) loan.
SCA Chairman Ossama Rabiee met on Monday with Hollar and the IMF delegation to review the authority’s activities, revenue performance, and future outlook as stability returns to the Red Sea region.
The meeting, held at the SCA’s Maritime Training and Simulation Academy in Ismailia, was attended by senior SCA officials, representatives from the Ministry of Finance, and Deputy Finance Minister for Fiscal Policies Yasser Sobhi.
The visit came as part of the IMF mission’s ongoing consultations in Egypt.
Rabiee said the Suez Canal remains a vital source of foreign currency, generating $40 billion in total revenues between 2019 and 2024.
He highlighted the canal’s resilience through recent global shocks, including COVID-19, the Ever Given incident, the Russia–Ukraine conflict, and the Red Sea crisis, noting that flexible pricing and continuous communication with shipping lines helped sustain traffic.
He added that the authority has worked to reduce the impact of disruptions in the Red Sea by diversifying income sources and expanding maritime and logistics services, such as ship repair, crew exchange, pollution-control operations, and marine waste removal through Antipollution Egypt.
Efforts are also underway to localize marine industries and expand exports.
Rabiee said the Sharm El-Sheikh peace summit played a key role in stabilizing the Red Sea after nearly two years of security concerns.
Since July, he noted, traffic has improved, with 5,874 ships crossing the canal, up 5.2 percent from the same period in 2024, carrying 247.2 million tons and generating $1.97 billion in revenues, a 17.5 percent year-on-year increase.
Future forecasts indicate further growth, with Suez Canal revenues expected to rise in the current FY2025/2026, reach about $8 billion in the upcoming FY2026/2027, and approach $0 billion by FY2027/2028.
The delegation also reviewed SCA development projects, including fish-farming activities, a floating pontoon factory, a tugboat construction facility in Safaga, a major petrochemicals complex in Ain Sokhna, and service projects in Suez Canal cities such as water treatment, healthcare, and education.
Rabiee stressed the role of international organizations in conducting accurate assessments of conditions in the Red Sea and supporting the return of normal navigation patterns.
Hollar said the Suez Canal is a strategic artery for global trade and praised the authority’s ability to manage crises and respond flexibly to changing conditions.
She noted that the canal’s advanced maritime and logistics services play a significant role in maintaining the stability of global supply chains.
The IMF team toured the Maritime Training Academy, visited the Suez Canal Museum, took a boat tour of the New Suez Canal, and inspected the SCA Yacht Marina in Ismailia.
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