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Rising Suez Canal revenues to provide much-needed lifeline for Egypt in 2023

PRO: The Suez Canal closed 2022 with record-breaking revenues, representing a key lifeline for Egypt as it faces serious economic issues (access with free trial).

An Egyptrian flag is pictured on the shore of the Suez Canal in the northeastern city of Ismailiya, on May 27, 2021. - Talks about compensations with the owner of the container ship Ever Given, that blocked the Suez Canal at the end of March are "at a standstill", Ossama Rabie, the head of the Egyptian authority that runs the Suez Canal said in an interview with AFP. The blocking that lasted six days, cost Egypt between 12 and 15 million USD per day of closure, according to the Suez Canal Authority (SCA). (
To:

Al-Monitor Pro Members

From:

Marc Español 

Freelance journalist covering Egypt and Sudan 

 

Date:

Jan. 11, 2023

Bottom Line:

The Suez Canal closed 2022 with record-breaking revenues, which represent a key lifeline for Egypt at a time when it is facing serious economic and liquidity issues as a result of the Russia-Ukraine war. While the outlook for 2023 is promising, the country’s urgent and vast needs are pushing authorities to look for ways to maximize income even further, including through an investment fund that has already received initial approval.