This represents an "increase of 35%" compared to the 6.4 billion euros recorded the previous fiscal year (July-June), said Wednesday during a press conference the president of the Suez Canal Authority (SCA), Osama Rabie.
This increase is explained by an increase in traffic thanks to a new section dug in 2014 and 2015, which now facilitates the crossing of convoys and reduces the transit time of ships.
The development is the first of Egyptian President Abdel Fattah al-Sisi's "megaprojects" that have swallowed up much of the country's finances in recent years.
Egypt annually increases taxes and other transit fees imposed on ships using this route, which connects the Red Sea and the Mediterranean Sea and through which about 10% of the world's maritime trade passes.
In March 2021, the Ever Given, a giant container ship whose bow was embedded in the east bank of the canal, blocked the traffic route between Europe and Asia for several days. The rescue operation lasted six days and insurers estimated losses to global maritime trade at billions of dollars a day impact.
The Suez Canal is a valuable source of foreign exchange for Egypt, which is in the grip of a severe economic crisis. According to Moody's, the country is one of the five most likely not to repay its external debt.
Cairo obtained in December its fourth loan from the International Monetary Fund (IMF) since 2017, but the three billion dollars that will be paid to it over about four years weigh little, with debt service alone for 2022-2023 amounting to 42 billion dollars. In return for this financial aid, the country devalued its currency by nearly 50%.
While rumours of a further devaluation are rife, last week President Sisi appeared to be opposed to it. "We are flexible with the exchange rate but if it threatens national security and harms the interests of Egyptians, we cannot remain unmoved," he said.
© 2023 AFP