New branch in Suez Canal to raise revenues to $13.5B
A ship is crossing Suez canal - YOUM7 (Archive)

CAIRO: A new branch in the Suez Canal will be dug within the coming few days, in order to raise its revenues to $13.5 billion by 2023, well-informed sources inside the Suez Canal Authority told Al-Ahram Friday.

“The new branch would be at length of 34 kilometers. Such a project would be a landmark in the navigational history of the Suez Canal,” added the sources.

According to the sources, the project is aimed at shortening the waiting period for vessels in the lakes’ area.

This announcement follows a Suez Canal Authority (SCA) statement Thursday that revenues from the waterway surged 5.5 percent during the first half of 2014, totaling $2.57 billion, compared to 2.43 in the same period last year.

During the first half of 2014, 8,160 ships passed through the waterway, marking a 3.3 percent increase compared to 8,012 ships, during the correspondent period a year earlier, according to official statistics released Thursday from SCA.

Revenues from the Canal hit a record $5.3 billion during the 2013/14 fiscal year, Chairman of Suez Canal Authority Mohab Mamish told Youm7 early this month.

“This record is the highest since the canal’s inauguration in 1896, and it is a sign of confidence of international navigation companies, ship owners and carriers,” added Mamish.

The canal is one of Egypt’s key sources of income, providing about 10 percent of Egypt’s hard currency.

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