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Suez Canal revenues hit $2 billion
Egypt, Economics, 7/24/1997
The Suez Canal Authority chairman, Ahmed Fadhel, stated that canal revenues has reached $2 billion; five million tons of food pass through the Canal daily.
The authority is considering regional projects which are planned for uses similar to the Suez Canal; these projects would not affect the Canal because of the latter's expertise, 128-year fame, and adoption of new projects, Fadhel assured.
As regards to the prices of international currencies and their impact on the Canal revenues, Fadhel said the Canal duties were paid in Special Drawing Rights (SDR) which comprise a number of international currencies. Last year, the SDR prices fell against the U.S. dollar by 5.6 percent and consequently the Canal revenues decreased at a time when its performance increased by 1.6 per cent.
The Authority will soon announce a cooperation agreement with a giant international company for building ships to develop the Canal shipyard and serve passing carriers, he said.
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