Egypt to increase Suez Canal's revenues

Egypt’s 2021/2022 plan aims to increase the revenues of the Suez Canal by 5.6 percent, according to Minister of Planning and Economic Development Hala El-Said.

El-Said explained that the revenues of the Suez Canal will thus rise from LE 93.9 billion in 20-2021 to LE 99.3 billion in the year of the plan, exceeding the output achieved before the outbreak of the Corona pandemic in 18/2019.

This came in a statement by El-Said on the occasion of the announcement by the Ministry of Planning and Economic Development of the Suez Canal development strategy with the plan for the current fiscal year 21/2022, which is the fourth year of the medium-term plan for sustainable development (18/2019-21/2022).

The minister confirmed that the Suez Canal is a main artery for the global seaborne trade movement, through which about 10 percent of the total global trade movement crosses, and about 25 percent of the total movement of containerized goods globally, and 100 percent of the total seaborne container trade between Asia and Europe. In addition to being one of the most important links in global supply chains due to its distinguished geographical location as a navigation channel linking the Mediterranean Sea at Port Said and the Red Sea at Suez, and the navigational services the Canal provides for transiting ships and tankers.

She added that the canal is characterized by its high capacity to accommodate all types of ships, as it can accommodate 100 percent of the global fleet of container ships, about 93 percent of the fleet of dry bulk vessels, and about 62 percent of oil tankers and its derivatives.