PHOTO
A man waves at a shipping container belonging to HMM as it passes through the Suez Canal in Ismailia, Egypt October 5, 2021. REUTERS/Mohamed Abd El Ghany
Egypt has lost $508 million in Suez Canal revenues since the onset of the ongoing Red Sea shipping disruptions, Asharq Business reported, citing estimates from Bloomberg Intelligence.
Loss in Suez Canal revenues is likely to accumulate in case tensions in the regions persist.
However, the International Monetary Fund (IMF) will most probably intervene to alleviate the impact of the instability in the Middle East on Egypt.
On February 3rd, Chairman of the Suez Canal Authority (SCA) Osama Rabie unveiled that the canal saw its receipts fall 46.7% year on year (YoY) to $428 million in January.
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