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Wed, 2023-01-25 19:18

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.

Connecting the Red Sea and the Mediterranean Sea, the canal accounts for nearly 10 percent of global maritime trade, and the majority of oil is transported by sea.
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