Egypt’s Suez Canal revenues rise to $506 million in October

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CAIRO (REUTERS) – Egypt’s Suez Canal revenues reached their highest level of the year in October, rising to $506.1 million from $469.7 million in September, a government statement said on Friday.

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.

Egypt in 2015 inaugurated an $8 billion expansion of the canal, intended as a cornerstone in President Abdel Fattah al-Sisi’s plan to turn around the economy of the Arab world’s most populous country.

Suez Canal Authority Chairman Mohab Mameesh told state newspaper Al Ahram last week that the cost of the expansion had been covered by record receipts due to a boost to shipping traffic. Critics have slammed the canal expansion as a waste of money.

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