Attacks on the Red Sea reduce Suez Canal’s revenue by up to 50%

Attacks on the Red Sea reduce Suez Canal’s revenue by up to 50%

According to Egyptian Prime Minister, Mostafa Madbouly, during a meeting with a delegation from the United States of America (USA) House of Representatives, he stated that the conflict in the Red Sea region has led to a decrease in the Suez Canal's annual revenues by 50 percent. 

The Red Sea region has been a target for terrorist organizations seeking to disrupt maritime traffic or target coastal installations. Groups like Al-Qaeda and ISIS have carried out attacks in countries bordering the Red Sea.

The Prime Minister’s office went on to say that the purpose of the meeting was to review the recent economic developments and enhance Egypt's partnership with the United States. The Prime Minister emphasized the Egyptian government's efforts to strengthen the country's economy, including it securing a financing agreement of $8 billion from the International Monetary Fund (IMF). 

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