Egypt’s revenues from the Suez Canal increased by 0.7% to $439.8m in May, compared to the $436.8m revenue of May 2016, according to official figures released on Tuesday by the cabinet. Suez Canal revenues reached $427.9m in April and $425.1m last March. The canal is the fastest shipping route between Europe and Asia, and is one of the Egyptian government’s main sources of foreign currency. Egypt has been struggling to revive its economy since the 2011 uprising, which scared away tourists and foreign investors, the country’s other main sources of hard currency. Suez Canal revenues have amounted to $5.005bn in 2016, marking 3.2% less than 2015 total revenues, during which revenues amounted to $5.175bn.

Source: Daily News Egypt June 20, 2017 12:56 UTC