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Egypt Suez Canal revenue rises to $5.1bln in first 10 months of FY 2017-18

Tuesday, 05 June 2018 | 12:00

Egypt’s Suez Canal revenue for the first 10 months of the 2017-18 fiscal year ending in June rose to around $5.1 billion, state news agency MENA quoted Finance Minister Amr El Garhy as saying.

Garhy did not provide a comparative figure but said he expected revenue for the entire 2017-18 fiscal year to reach about $5.6 billion, a 14 percent rise from the previous year, according to MENA.

Egypt’s Suez Canal earned $4.95 billion in revenue during the 2016-17 fiscal year, according to central bank data.
Egypt has said previously an $8 billion army-led expansion of the canal completed in 2015 would help boost canal revenue to $13 billion by 2023 and that a sprawling economic zone along the canal would eventually make up about a third of the economy.

The Suez Canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign currency for the Egyptian government.
Source: Reuters (Reporting by Omar Fahmy Writing by Eric Knecht; editing by David Evans)

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