Egypt’s Suez Canal nets $8bn in new annual record

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Wed, 2023-01-25 19:18

CAIRO: Egypt’s Suez Canal Authority announced on Wednesday an all-time annual revenue record, earning $8 billion in transit fees in 2022.

The income from the vital waterway is about 25 percent higher than the $6.3 billion netted in 2021, following a series of toll hikes to help pad Egypt’s siphoned foreign reserves.

The canal is a source of much-needed foreign currency for Egypt, with global investors pulling billions out of the import-dependent economy during the current crisis triggered by Russia’s invasion of Ukraine last year.

Connecting the Red Sea and the Mediterranean, the canal accounts for roughly 10 percent of global maritime trade and the majority of oil transported by sea.
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