VENTURES AFRICA – Egypt has announced a reduction in revenue from the Suez Canal. According to information made available to Reuters by the state information portal, revenues fell from $434.6 million in May to $415.9 million in June.
This figure represents a $30 million reduction from revenue generated in June 2011 when $445.2 million was realized from the Canal.
The Suez Canal is an artificial sea-level waterway in Egypt which connects the Mediterranean Sea and the Red Sea. Opened in November 1869 after 10 years of construction work, it allows water transportation between Europe and Asia without navigation around Africa.
The canal is a vital source of revenue for Egypt, complementing tourism, oil and gas exports and remittances from Egyptians living abroad.