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Egypt lost 40-50 % of its revenue from the Suez Canal due to the tensions in the Red Sea. The Suez Canal contributes USD 10 billion annually to the country’s exchequer but has now dropped by half.
Egypt lost 40-50 % of its revenue from the Suez Canal due to the tensions in the Red Sea. The Suez Canal contributes USD 10 billion annually to the country’s exchequer but has now dropped by half.
The canal, considered one of the world’s most important waterways, is the shortest shipping route between Europe and Asia and one of the main sources of foreign currency for Egypt. Transits through the international waterway, however, were affected by tensions in the Red Sea amid Houthi attacks on Israeli-linked commercial ships and US retaliatory airstrikes.
According to the UN Conference on Trade and Development, weekly transits through the canal dropped an estimated 42% over the last two months.
Read Also:
https://trendsnafrica.com/suez-canal-earns-more-revenue-in-2023-24/
https://trendsnafrica.com/suez-canal-economic-zone-to-have-more-investments/
Egyptian President Abdel-Fattah al-Sisi said Egypt faces major challenges resulting from the conflicts in the Gaza Strip, Libya, Sudan, and the Russia-Ukraine crisis. All this continues while the Egyptian government is committed to fulfilling its obligations to petroleum companies, development partners, and financial institutions.
