ALEXBANK and SRM presented the fourth edition of the Suez Canal report

Center for economic studies based in Naples, both members of Intesa Sanpaolo Group, hosted an event on 2nd of April, under the Patronage of the Embassy of Italy in Cairo, to present their fourth edition of the Suez Canal report, titled “The Suez Canal: The impact of war and the pandemic on maritime routes, an analysis of port competitiveness indicators, the role of Egypt in global trade and the development of the SCZone.”

The event was attended by H.E. Michele Quaroni, the Italian Ambassador to Egypt, Mr. Dante Campioni Managing Director and CEO of ALEXBANK, Mr. Massimo Deandreis, General Manager of SRM, in addition to other senior Managers of both ALEXBANK and SRM, and top government officials and leaders of Egypt’s business community.

The report tackles the performance of the Suez Canal, through which around 12% of global maritime traffic pass through. It also highlights the impact of the war-induced change in trade patterns on the Suez Canal traffic, the major boost in revenues recently recorded reaching the high of USD 8 billion on annual basis, in addition to the significance of the trade relations and maritime connections with the European Union, and Italy in particular. The report also give mention to the developments relevant to the Suez Canal Economic Zone as per progressive infrastructure projects and mega investments in Green Hydrogen, which give Egypt a great potential as growing hub also for green energy.

H.E. Michele Quaroni, the Italian Ambassador to Egypt, “This report confirms the strategic function of the Suez Canal in the Mediterranean region and the pivotal role of Egypt to ensure stability both at regional and global level. The Canal is a key infrastructure and an essential asset for the security and the economic development in the Mediterranean. The report also gives concrete evidence of the role and strength that trade and investment give to the bilateral relation between Italy and Egypt and of ALEXBANK and the Intesa Sanpaolo Group’s presence at the heart of the Egyptian economy.”