Egyptian Finance Minister Mohamed Maait (Reuters)
Egyptian Finance Minister Mohamed Maait said that part of the impact of the attacks in the Red Sea on Suez Canal revenues can be absorbed.
The minister attributed this to previous growth, which was good before the events began, as he put it.
Maait added - on the sidelines of the World Government Summit in Dubai - that the government plans to rely more on the private sector with regard to spending on projects.
Between 12% and 15% of global trade and between 25% and 30% of container traffic passes through the Suez Canal.
The volume of trade through the Suez Canal decreased by 45% during the past months of December and November due to the Houthi attacks in the Red Sea, according to what the United Nations Trade and Development Organization (UNCTAD) announced.
UNCTAD official Jan Hoffman said last January that trade disruptions in the Red Sea raise concerns, given that more than 80% of global trade in goods takes place by sea and because “other important routes are also under pressure.”
Source: Al Jazeera + Reuters