Egypt Earned $5.61 Billion From Suez Canal in 2020

Business

January 3rd, 11:29am

Asharq Al-Awsat

People walk on the beach as a container ship crosses the Gulf of Suez towards the Red Sea before entering the Suez Canal, in El Ain El Sokhna in Suez, east of Cairo, Egypt April 24, 2017. Picture taken April 24, 2017. REUTERS/Amr Abdallah Dalsh

Egypt’s revenues from the Suez Canal in 2020 reached $5.61 billion, marking a 3% decline to compared to 2019, the canal authority said in a statement on Sunday. Transit fees for all types of ships would remain unchanged in 2021 and would include reductions and incentives offered in 2020, Canal Authority Chairman Osama Rabie said. Rabie said their marketing policies had helped to protect much of the canal’s shipping volumes and revenues against the global economic slowdown caused by the coronavirus pandemic. According to Reuters, the canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.

from Asharq AL-awsat https://english.aawsat.com/home/article/2718716/egypt-earned-561-billion-suez-canal-2020