Egypt's Revenues Boosted by 25.2% to $8.8 Billion

Egypt, buoyed by its thriving tourism sector and the strategic importance of the Suez Canal, successfully turned around its balance of payment for financial year (FY) 2022 and 2023, converting a $10.5 billion deficit into an $882 million surplus. The Suez Canal, a critical source of foreign currency for Egypt, recorded an impressive 25.2 percent surge in revenues during the fiscal year, soaring to an unprecedented $8.8 billion. This remarkable growth was attributed to factors like the Russian and Ukrainian conflict and ongoing development initiatives led by the Suez Canal Authority. Meanwhile, Egypt's tourism sector witnessed robust expansion, with revenues surging by a noteworthy 26.8 percent annually in FY2022 and 2023, reaching $13.6 billion.

Furthermore, the Central Bank of Egypt reported a substantial increase in Foreign Direct Investments from $8.9 billion in FY2021 and 2022 to $10 billion in FY2022 and 2023, reflecting growing investor confidence in the country's financial landscape.