June 8, 2019
The Suez Canal breaks records by transferring the highest financial rate to the Public State Treasury in its history.
In its statement, the Sector of Economic Authorities of Finance Ministry declared that the Suez Canal has provided the State Treasury with EGP 72.2 billion in the 2018/2019 fiscal year. The figure is historically the highest one according to the statement.
The statement indicated that this remarkable financial transfer occurred after covering all expenses related to operation, maintenance, financing investment plans, expansions and other projects serving the national economy.
This performance reflects the steady growth of the total revenues of the Suez Canal. It is the result of the duplication, expansion and development projects, which help increase the competitive navigational value of this vital channel.
The Finance Ministry’s report indicated that the total revenues record a remarkable increase reaching EGP 104.2 billion in the 2018/2019 fiscal year, compared to EGP 74.2 billion in the 2016/2017 fiscal year, with a growth rate of 40.4 percent
This extraordinary increase has a positive impact on the State Treasury’s financial receivables represented in taxes, surplus revenues and royalty, reaching EGP 72.2 billion in the 2018/2019 fiscal year, compared to 52.9 billion two years ago, with a growth rate of 36.5 percent.