Red Sea Attacks' Impact on Suez Canal Revenue Can be Partly Absorbed, Says Egypt Finance Minister

A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE

Egypt's Finance Minister Mohamed Maait said part of the impact on Suez Canal revenue of the Red Sea attacks on vessels could be absorbed.

Maait explained that this would be possible thanks to previous growth which had been doing well before the incidents started.

He noted that the government was planning to rely more on the private sector in terms of project expenditure.

"If you look at (project spending) figures for the last 7 months, it has dropped by 10%," he told Reuters on the sidelines of the World Governments Summit in Dubai.