Egypt: Suez Canal revenues increased after the canal expansion

Suez Canal Authority said that the channel revenues increased by four percent during the period from early January to date compared to the same period last year, thanks to the canal expansion project , which opened last year.
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 a new shunt incision of the channel which is one of the most important sources of hard currency for Egypt.
He Mamish The Suez Canal revenues during the period from early January until the sixth of August it amounted to three billion and $ 183 million , compared to three billion and $ 59 million in the same period last year, despite the decline in global trade volume.
He stated that revenues have increased this year by 13 percent in Egyptian pounds.
This may be due to the devaluation of the pound against the dollar to a large extent , who arrived at the official market price to 8.78 pounds compared to 7.73 pounds in March.
And ensure that the canal expansion project , which is known in Egypt as the new Suez Canal project pits the course of a navigational channel parallel to the old 35 - km and a width of 317 meters and a depth of 24 meters to allow the transit of ships Bgatts up to 66 feet.
The project also included the expansion and deepening of shunt the Great Lakes about 27 kilometers long and shunt Albulah about ten kilometers long, bringing the total length of the new canal project to 72 kilometers.
The project which was implemented in one year eight billion dollars has been collected in local currency from the Egyptians by offering investment certificates interest rate of 12% for five years and cost.
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 of goods and various industries.