Egypt expects Suez Canal revenues to hit $7 billion by end of fiscal year

 

A shipping container passes through the Suez Canal in Suez, Egypt February 15, 2022. Picture taken February 15, 2022. REUTERS/Mohamed Abd El Ghany

 

 

Egypt anticipates earnings from the Suez Canal to surpass $7 billion by the end of the current fiscal year, according to finance minister Mohamed Maait.

 

Despite the Ukrainian conflict, tourism revenues are anticipated to reach $10 billion to $12 billion by then, he noted. The fiscal year in Egypt extends from July 1 to June 30.

 

The canal provides the quickest shipping route between Europe and Asia, as well as one of Egypt's primary sources of foreign revenue.