Egyptian Cabinet Clarifies Suez Canal Losses

The Egyptian Council of Ministers confirmed that the circulated statements regarding losses of the Suez Canal amounting to approximately $500 million per month are partial and pertain to the year 2024. These figures relate to decreased navigation activity resulting from regional disruptions and some shipping companies rerouting their ships. The Media Center clarified that the government is not considering collateralizing or pledging the canal against debts, emphasizing that the Suez Canal is a strategic asset that links national security with the national economy, and that there are no proposals or discussions regarding its sale or mortgaging.

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