Egypt’s Suez Canal nets $8bn in new annual record

CAIRO: Egypt’s Suez Canal Authority announced on Wednesday an all-time annual revenue record, earning $8 billion in transit fees in 2022.

The income from the vital waterway is about 25 percent higher than the $6.3 billion netted in 2021, following a series of toll hikes to help pad Egypt’s siphoned foreign reserves.

The canal is a source of much-needed foreign currency for Egypt, with global investors pulling billions out of the import-dependent economy during the current crisis triggered by Russia’s invasion of Ukraine last year.