In recent years, the Suez Canal, which is one of the major sources of hard currency for Egypt, has broken new ground and records.
This statement by Egyptian Ambassador to Rome Bassam Radi came in a recent interview on Italian talk show ParolediDonna.
Radi talked about the development projects in the Suez Canal since the opening of its second branch in August 2015.
“The international waterway has realised record earnings since the opening of the new Suez Canal,” Radi said.
“The canal posted its highest annual revenues to date of $9.5 billion for fiscal year 2022-2023, which ended on June 30,” Radi said.
The volume of commodities crossing the canal reached 1.5 billion tons in FY 2022-2023, he said, adding that 40 per cent from Italian merchant shipping transits the canal.
The chairman added that 25,887 vessels have used the canal so far in the current financial year, the authority’s web site quoted him as saying at the same conference. He said around 23,800 passed through the previous year.
Radi explained that the canal has achieved unprecedented high revenues in recent years, thanks to the digging of the new Suez Canal in a record time, the reduction of the transiting time of vessels from 22 to 11 hours and increasing the capacity of the canal for carrying more tonnage of ships.
Radi explained the Suez Canal Development Strategy, which included the development of its navigational course, the expansion and building of garages for the repair of ships and increasing the depth of the canal to reach 24 metres. This is in addition to the development of the Canal’s southern sector, and the lakes area.
Radi asserted that that the Suez Canal Authority, headed by Osama Rabei, spends on all its development projects from its budget in local currency without burdening the State.
He also affirmed that the Suez Canal Authority will develop the canal in a way that conserves the marine environment in line with the national plan for combating pollution.
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