Egypt’s hard currency revenues drop due to Suez Canal losses
Egypt's Suez Canal revenues in 2001 reached $1.9 billion, 47 million dollars less than the previous year. The Suez Canal Authority attributed the revenue losses to the September 11 terrorist attacks on the United States, the official MENA news agency reported.
The canal is one of the Egypt’s four major sources of hard currency income, along with oil, tourism and income from Egyptian laborers overseas. Egypt estimates a loss of $2.2 billion in its hard currency earners as a result of the September 11 events.
In 2001, 13.986 vessels crossed the canal, 155 vessels less than the previous year, however, shipments through the canal rose by four percent to 456.11 million tons. Revenues from the canal were on the rise in the 1999-2000 fiscal year, a result of a boom in both the global oil transportation and trade in Southeast Asia.
Construction of the Middle East's first suspension bridge was launched over the 404-meter wide Suez Canal in October 2001. Inaugurated by Egyptian President Husni Mubarak, the bridge, named the Mubarak Peace Bridge, links the Sinai desert region with the Egyptian mainland. The cost of the project totaled 700 million Egyptian pounds ($164 million), 60 percent of which were contributed by Japan, reported Al-Hayat. — (menareport.com)
© 2002 Mena Report (www.menareport.com)