Egypt Loses $8 Billion in Suez Canal Revenues Amid Regional Tensions

Egypt’s Minister of Foreign Affairs Badr Abdelatty announced during the Rome MED-Mediterranean Dialogues conference on Wednesday, 20 November, that the Suez Canal revenues have fallen by USD 8 billion (EGP 396.78 billion) since Israel’s war on Gaza began. Abdelatty attributed the decline to ongoing geopolitical tensions in the region. Repeated Houthi-led attacks near Bab El-Mandeb Strait, aimed at pressuring Israel into halting its Gaza offensive, have further disrupted navigation routes, directly impacting Suez Canal traffic.  He added that the decline translates to a monthly loss exceeding USD 600 million (EGP 29.76 billion), noting that Egypt remains one of the most affected countries due to its reliance on the canal as a primary source of foreign currency. The minister called for an immediate ceasefire in Gaza and Lebanon, advocating for a comprehensive approach to stabilize the region and mitigate the economic repercussions of the escalating tensions. In July, the Central Bank of Egypt reported a decline in canal revenues to USD 5.8 billion (EGP 287.7 billion) in the first nine months of the fiscal year, compared to USD 6.2 billion (EGP 307.5 billion) in the same period the previous year. In…

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