(3 Minutes Read)
The Suez Canal, the main navigational route connecting Africa and Asia with Europe, lost close to 50% of its revenues due to traffic disruptions due to war.
Prime Minister, Mostafa Madbouly, during a meeting with a delegation from the United States of America (USA) House of Representatives, said that the conflict in the Red Sea region cost Egypt dearly. Suez Canal, the main navigational route connecting Africa and Asia with Europe, lost close to 50% of its revenues due to traffic disruptions due to war.
The Prime Minister emphasized the Egyptian government’s efforts to strengthen the country’s economy, including securing a financing agreement of $8 billion from the International Monetary Fund (IMF). The delegation engaged in a constructive dialogue with Madbouly, inquiring about Egypt’s economic performance and discussing strategies to boost specific sectors like energy and green hydrogen.
They also explored opportunities for collaboration in the field of food security between Egypt and the United States. Madbouly mentioned the agreements reached with international partners, such as the World Bank Group and the European Union, to support structural reforms and development plans aimed at empowering the private sector in Egypt.
Read Also:
https://trendsnafrica.com/suez-canal-revenue-drops-by-50-amidst-red-sea-tensions/
The European Union recently proposed a comprehensive package of financial support and investments worth €7.4 billion between 2024 and 2027 to strengthen relations with Egypt. Additionally, the World Bank Group has committed to providing Egypt with over USD 6 billion in support over the next three years.
