Suez Canal revenues rise after expansion
[rtl] Cairo - Reuters
team Mohab Mamish The head of the Suez Canal Authority: The channel revenues increased by four percent during the period from early January to date compared to thesame period last year, thanks to the canal expansion project , which opened the year past.
this came during a ceremony at the city of Ismailia on the occasion of the first anniversary of the opening of the canal expansion project , which included incision new shunt channel which is one of the most important hard currency sources of Egypt.
he Mamish: the Suez Canal revenues during the period from January until the sixth of August amounted to three billion and $ 183 million , compared to three billion and $ 59 million for the same period last year, despite the decline in global trade volume.
reported that revenue increased this year by 13 percent in Egyptian pounds. this
may be due to the devaluation of the pound to a large extent against the dollar , which reached its price in the official market to 8.78 pounds versus 7.73 pounds in March.
canal expansion project , which is known in Egypt as the new Suez Canal project pits the course of the crew and ensure that parallel the old channel length of 35 kilometers and a width of 317 meters and a depth of 24 meters to allow the transit of ships Bgatts up to 66 feet.
also included a project to expand and deepen shunt Great Lakes length of about 27 kilometers and shunt Albulah about ten kilometers long, bringing the total length of thenew canal project to 72 kilometers.
the cost of the project which was implemented in one year eight billion dollars has been collected in local currency Egyptians by offering investment certificates interest rate of 12 percent for five years. Egypt says that the project will be the nucleus for the Arab and foreign investment in the areas of building and maintenance of ships and storage ofgoods and various industries.
Hopes Egypt: that this expansion contributes to the increase of the Suez Canal revenues to $ 13 billion a year by 2023 , up from about five billion dollars at the moment, also expects to contribute to the improvement of the economy , which is suffering due todeclining tourism and foreign investment.
the total foreign exchange reserves of Egypt 17.546 billion dollars in June after he was nearly $ 36 billion before the uprising. He criticized the opposition and economists thenew Suez Canal project , and said he would not serve its purpose given the decline inglobal trade and a slowdown in the Chinese economy volume growth.[/rtl]