CAIRO: Revenues from Suez Canal edged up 8.6 percent during the past July to amount to $482.2 million compared to $443.9 million the month before, Lt. Gen. Mohab Mamish announced Monday, Sky News Arabia reported Monday.
The increase in the Suez Canal revenues in July followed a slight decline in June revenues (about 5.9 percent) to reach $443.9 million in comparison to $471 million in May, it reported.
As the Suez Canal Waterway is a core source for hard currency in Egypt, the government embarked and will embark on executing a number of major projects at the region to boost the state’s revenues from this sector; it stated, pointing out that these projects include the New Suez Canal and the development of the Suez Canal Axis.
In August 5, the government announced the New Suez Canal mega project in an attempt to revive the Egyptian economy by building a new branch, Youm7 reported Aug. 5.
Revenue from the Suez Canal hit a record $5.3 billion during the 2013/14 fiscal year, and the Suez Canal expansions which kicked off early this month are expected to boost annual revenue to up to $13.5 billion by 2023.
In August 19, the Egyptian government officially named a consortium including the international consultancy firm Dar Al-Handasah winner of a bid to plan the development of the Suez Canal Axis project.
A 160-kilometer economic center parallel to the Suez Canal along with a free trade zone and loading and unloading areas are scheduled to be established, which would also help boost Suez Canal revenues.