Egypt expects Suez Canal revenues to hit $7 billion by end of fiscal year

A shipping container passes through the Suez Canal in Suez, Egypt

Egypt expects the Suez Canal's revenues to reach about $7 billion by the end of the current fiscal year, finance minister Mohamed Maait said on Saturday.

Tourism revenues are expected to reach between $10 billion and $12 billion by then, despite the Ukrainian crisis, he added. Egypt's fiscal year runs from July 1 to June 30.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.

Reporting by Ahmed Ismail, Writing by Moataz Mohamed, Editing by Andrew Heavens

REUTERS