Suez Canal Revenues Hit $500 Mln in one Month

The Egyptian Cabinet announced, on Thursday, 19 November, that the Suez Canal revenues, in October, rose from $470.7 million to $490.2 million in September.

The Egyptian Canal is the shortest shipping route between Europe and Asia, considered one of the major sources of hard currency for Egypt.

The Canal revenues fell from $ 5.75 billion to $ 5.72 billion in the 2019-2020 fiscal year.

During the era of President Abdel Fattah El-Sisi, Egypt invested in the Suez Canal expansion project, that began in 2014.

It was one of the huge projects that aim to revive the faltering economy, as well as restoring the country's position as an important commercial center.