CAIRO: Egypt’s Suez Canal Authority announced on Wednesday a record annual revenue, generating $8 billion in transit fees in 2022.

Income from the vital waterway is about 25 percent higher than the $6.3 billion achieved in 2021, after a series of fee increases to help absorb Egypt’s foreign exchange reserves.

The canal is a source of much-needed foreign currency for Egypt, as global investors siphoned billions from the import-dependent economy during the current crisis triggered by Russia’s invasion of Ukraine last year.