Egypt’s Minister of International Affairs Badr Abdelatty introduced throughout the Rome MED-Mediterranean Dialogues convention on Wednesday, 20 November, that the Suez Canal revenues have fallen by USD 8 billion (EGP 396.78 billion) since Israel’s warfare on Gaza started.
Abdelatty attributed the decline to ongoing geopolitical tensions within the area. Repeated Houthi-led assaults close to Bab El-Mandeb Strait, aimed toward pressuring Israel into halting its Gaza offensive, have additional disrupted navigation routes, immediately impacting Suez Canal visitors.
He added that the decline interprets to a month-to-month loss exceeding USD 600 million (EGP 29.76 billion), noting that Egypt stays one of the affected international locations on account of its reliance on the canal as a main supply of overseas foreign money.
The minister referred to as for a direct ceasefire in Gaza and Lebanon, advocating for a complete method to stabilize the area and mitigate the financial repercussions of the escalating tensions.
In July, the Central Financial institution of Egypt reported a decline in canal revenues to USD 5.8 billion (EGP 287.7 billion) within the first 9 months of the fiscal 12 months, in comparison with USD 6.2 billion (EGP 307.5 billion) in the identical interval the earlier 12 months.
In late September, President Abdel Fattah Al-Sisi confirmed that revenues from the Suez Canal had dropped by 50 to 60 % this 12 months, leading to a lack of USD 6 billion (EGP 297.6 billion).
Abdelatty additional emphasised in his speech Egypt’s unwavering dedication to de-escalating tensions and fostering peace within the Center East.
The minister arrived in Italy on Monday for the tenth version of the three-day Rome MED-Mediterranean Dialogues convention, which serves as a platform for northern and southern Mediterranean international locations to debate shared safety challenges and potential cooperation alternatives.
