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Egypt expects $ 7 billion in revenue from the Suez Canal in 2022

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Egypt expects revenue of $ 7 billion from transit through the Suez Canal in 2022. Egypt’s Finance Minister said. Mohamed Maait, during a meeting with representatives of the Morgan Stanley Bank, the Bank of America and the Bank of New York, on the occasion of his visit to London, according to a press release. The ministry expects by the end of the current fiscal year – next June 30 – to reach about 12 billion dollars in revenue from the tourism sector, despite a 35 percent drop, due to the absence of tourists from Russia and Ukraine. . At the meetings, the minister said the volume of Egyptian exports of petroleum and non-petroleum products amounted to approximately $ 43.6 billion during the last fiscal year. In addition, Maait said that Egyptians’ remittances from abroad amount to about $ 32.5 billion and forecasts point to an increase.

The finance minister called on global financial institutions and international financial markets to reduce the cost of green finance to motivate countries to adapt to climate change. The government of Egypt has developed a stimulus package for economic recovery from the current global crisis, aimed at attracting investors to electric car production and to stimulate the textile and IT sectors, according to Maait. The minister reiterated that the country of the pyramids aims to accelerate its exit from many activities to open up to private sector investments. Furthermore, the government aims to record a primary surplus of 1.5 per cent, reduce the total deficit to 6.1 per cent of GDP, compared to a total deficit of 12.5 per cent recorded at the end of June 2016, and put the debt rate on a sustainable path. The Cairo government’s goal is to have debt of less than 75 percent of GDP over the next four years.

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