Suez Canal hits highest ever annual revenue, oil sector records surplus of $5 bln: minister

Suez Canal hits highest ever annual revenue, oil sector records surplus of $5 bln: minister

The Suez Canal achieved the highest return of about US$7 billion in the fiscal year 2021/2022, and the oil sector recorded surpluses of about $5 billion, Egyptian Finance Minister Mohamed Maait, said.

Maait added, on the sidelines of his participation in the meetings of the International Monetary Fund and the World Bank in Washington.

A number of vital sectors in Egypt that have achieved good performance despite the unprecedented challenges that the global economy is witnessing.

Natural gas exports amount to $600 million per month, he said, adding the government plans to increase it to one billion dollars in January 2023, and plans to increase non-oil exports by 30 percent annually.

The Egyptian economy has become more capable of green recovery despite the severity of global challenges.

The economy has gained a degree of solidity that enables it to deal positively and flexibly with international crises.

This encourages the government to continue carrying out structural reforms with a strong political will, to localize the industry and rely on local production, Maait said.

Egypt targets more development investments, especially in green projects, including green hydrogen, by working hard to enable the local and foreign private sector to lead sustainable and job-rich economic growth, to create one million job