Egypt’s Suez Canal revenues rise to $493.3mn in July

Egypt’s Suez Canal revenues rose to $493.3 million in July, a Reuters calculation showed on Monday. Suez Canal Authority Chief Mohab Mamish said at a press conference that revenues for July rose by $46.2 million compared with the same month last year. Revenues in the first six months of 2018 increased by $400 million compared with the same period a year before, Mamish said. Revenue for the 2017-2018 fiscal year increased by about 12 percent, posting a record high of $5.585 billion Egypt has said that an $8 billion army-led expansion of the canal completed in 2015 would increase canal revenues to $13 billion by 2023. The canal is the fastest shipping route between Europe and Asia and one of the government’s main sources of foreign currency.