Sisi Announces 50% Decrease in Suez Canal Revenues

Egyptian President Abdel Fattah Sisi announced today, Monday, a decrease in Suez Canal revenue by 40 to 50%. During a discussion session titled "Energy Transition, Supply Security, and Emission Reduction" at the 7th Egypt International Petroleum Conference and Exhibition (EGYPS 2024), Sisi stated that "the revenue from the waterway (Suez Canal), which used to provide Egypt with approximately $10 billion annually, has decreased by 40 to 50%." Sisi pointed out the previous and current challenges facing Egypt, including the economic crisis resulting from the impacts of the COVID-19 pandemic and the Ukraine-Russia crisis, in addition to the current situations at the borders with Libya, Sudan, and even Gaza. He added that "some developed countries bear responsibility for exacerbating the global climate change crisis," noting the failure of some developed nations to fulfill the commitments made at the Paris Conference in 2015 regarding a $100 billion support for the energy and climate sectors. Sisi emphasized that "the African continent has immense capabilities in renewable energy, including hydroelectric, but requires substantial funding to implement various projects, especially given its inability to face credit risks, as banks and funding institutions demand enormous figures due to the difficult economic conditions."