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Egypt's Suez Canal revenue rises to $462.1 million in August

Reuters
Egyptians waves from a cargo container ship crossing the new section of the Suez Canal after the opening ceremony of the new Suez Canal, in Ismailia, Egypt, August 6, 2015. REUTERS/Amr Abdallah Dalsh (Reuters)

CAIRO (Reuters) - Egypt's revenue from the Suez Canal rose to $462.1 million in August, from $437.7 million in July, the Suez Canal Authority's website stated on Tuesday. Revenues in June were $431.6 million, it said. The canal is the fastest shipping route between Europe and Asia and is one of the country's main sources of foreign currency. On August 6, President Abdel Fattah al-Sisi launched an $8-billion expansion of the canal that aims to double daily traffic by 2023 and increase annual revenues to more than $13 billion by 2023, from just over $5 billion in 2014.