CAIRO: The Suez Canal Authority announced Thursday that revenues from the global waterway recorded $482.3 million by October-end, up from $469.7 million in September.
September revenues were lower than $510 million in August. However, it was 6.2 percent up from the total of $442 million in September 2013.
The waterway is one of Egypt’s core sources of income, providing about 10 percent of hard currency. During fiscal year 2013-2014, the canal earned a record $5.3 billion.
Earlier in August, President Abdel Fatah al-Sisi launched a multi-billion dollar megaproject Suez Canal expansion project called “the New Suez Canal” in an attempt to revive Egypt’s limping economy. The project will establish a new 72 kilometer canal parallel to the current one to speed up transit time.
The Suez Canal expansion is expected to boost annual revenue up to $13.5 billion by 2023.
Egypt’s Finance Minister Hani Kadry said during his visit to the Suez Canal projects Thursday that the project would “boost the Egyptian economy for 500 years to come” through raisinf the waterway’s revenues and offering new prospects for development.
“The Suez Canal Development project will also fuel global trade and reduce shipping costs,” the minister added in an official Thursday statement.
The development of the Suez Canal Axis project is separate from the expansion project, and aims to develop the area surrounding the Suez Canal.
Planners hope the axis will take advantage of Egypt’s geographical location to revive its economy by establishing economic and logistical hubs. This, they predict, will lure foreign and Arab capital for new investments, Suez Canal Authority Chairman Mohab Mamish said in August.