Egypt - The Egyptian government aims at raising the gross domestic product (GDP) of the Suez Canal by 5.6% at current prices during fiscal year 2021/2022, Minister of Planning and Economic Development Hala El-Said announced in a statement.

This will bring the canal’s GDP to EGP 99.3 billion in FY 2021/2022 from EGP 93.9 billion, El-Said noted.

This comes within the framework of the state’s medium-term plan for achieving sustainable development, which started in FY 2018/2019.

The Suez Canal handles nearly 10% of total global trade, about 25% of global containerized cargo, and 100% of seaborne containers between Asia and Europe, the minister stressed.

Moreover, she added that the Suez Canal generates annual revenue of around $5.84 billion in the meantime.

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