Suez Canal revenues hit $5B in 2015: Mamish
A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt - YOUM7

By:  Mariam Abu Bakr

CAIRO: Admiral Mohab Mamish, chairman of the Suez Canal Authority (SCA), said late Saturday that establishing the New Suez Canal cost $3.2 billion, stressing that it has already been repaid.

In a televised interview on Sada el-Balad channel, Mamish said the costs would have increased by 10 to 15 percent, if the dredging had been delayed for one more year.

“The Suez Canal revenues have amounted to 39.4 billion EGP ($5.04 billion,) in 2015.” Youm7 quoted Mamish.

He further noted that the development of East Port Said and the canal projects provide thousands of jobs and predicted that the income would increase by 300 percent, announcing the start-up of a catering station in Ain Sokhna.

Since its Aug. 6 inauguration, a total of 194 ships have passed through the New Suez Canal, Youm7 reported.

“We promised a gift to the world and we accomplished it in record time – an additional artery for prosperity and for connecting civilization to enhance the movement of international trade,” President Abdel Fatah al-Sisi stated during the opening.

The New Suez Canal was established with the aim of accelerating maritime transport by allowing two-way movement for vessels in the canal.

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