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Suez Canal nets $1.4bn since inauguration of new waterway

The new waterway of the Suez Canal has achieved revenue of $1.4bn during the last three months following the inauguration of the new canal branch.
27.11.15 | Source: Star Africa

Mahmoud Rizq, a member of the board of directors of the Suez Canal said during a press conference on Wednesday that “the results of the long-term projects are not measured in months, and it is not logical to expect higher revenues after only one or two months of the new canal opening.”

Rizq noted that the canal has accomplished $4.3 billion during the past 10 months, which is equal to 32 billion Egyptian pounds.

A total of 11,721 ships, carrying cargo weighting 68, 5953 tons, have crossed the Suez Canal from January to September, Chairman of the Suez Canal Authority (SCA) Mohab Mamish stated.

The waterway is one of Egypt’s core sources of income, providing about 10 percent of the nation’s hard currency. In 2014, Suez Canal revenues registered $5.456 billion, marking 6.75 percent growth compared to $5.111 billion a year earlier.

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