Red sea attacks decrease Suez Canal's revenues by 50%

The conflict in the Red Sea region led to the decrease on the Suez Canal's annual revenues by 50 percent, Prime Minister, Mostafa Madbouly, said during a meeting with a delegation from the United States of America (USA) House of Representatives.

 

 The purpose of this meeting is to review the recent economic developments and enhance Egypt's partnership with the United States. 

 

The Prime Minister emphasized the Egyptian government's efforts to strengthen the country's economy, including securing a financing agreement of $8 billion from the International Monetary Fund (IMF). 

 

The delegation engaged in a constructive dialogue with Madbouly, inquiring about Egypt's economic performance and discussing strategies to boost specific sectors like energy and green hydrogen. 

 

They also explored opportunities for collaboration in the field of food security between Egypt and the United States.

 

Minister Madbouly mentioned the agreements reached with international partners, such as the World Bank Group and the European Union, to support structural reforms and development plans aimed at empowering the private sector in Egypt.

 

 Notably, the European Union recently proposed a comprehensive package of financial support and investments worth €7.4 billion for the period of 2024-2027 to strengthen relations with Egypt. 

 

Additionally, the World Bank Group has committed to providing Egypt with over $6 billion in support over the next three years.