CAIRO: Suez Canal revenues reached $422.1 million during April 2015 with a slight increase of $ 2 million compared with revenues a month earlier, the Egyptian Cabinet announced Thursday.
During the first seven months of FY 2014/2015, Suez Canal revenues reached $3.267 billion while in August; revenues from the canal hit an all-time record of $510 million.
The waterway is one of Egypt’s core sources of income, providing about 10 percent of the nation’s hard currency. In 2014, Suez Canal revenues registered $5.456 billion, marking 6.75 percent growth compared to $5.111 billion a year earlier, Egypt’s State-owned news agency MENA reported in February.
In an attempt to revive Egypt’s limping economy, President Abdel Fatah al-Sisi launched in August 2014 “the New Suez Canal”; a multi-billion dollar project to expand the canal. The project will establish a new 72-kilometer canal parallel to the current one to speed up transit time.
Earlier this month, Sisi announced that the project will be inaugurated in August.
The project is expected to boost annual revenue up to $13.5 billion by 2023.