- Benefits of the Suez Canal
The Suez Canal is a sea route that connects the Mediterranean and Red Seas. It is the largest waterway in the world, and one of the most important arteries of global trade. The Canal is an essential link between Europe and Africa, and a major transit point for oil.
- Impact on the economy and national income: The canal generates about 5% of Egypt's gross domestic product, as well as providing revenues from customs duties, tax exemptions and foreign labour remittances. It is the second largest source of hard currency for Egypt after exports, and one of the country's three sources of income.
When the Canal is open, it accommodates on average about 51 ships per day in both directions. Northbound traffic accounts for mainly oil, wood, coal and chemicals; while southbound transport is mostly European goods, cereals and livestock.
The Suez Canal is an international waterway that was constructed by Ferdinand de Lesseps in the mid-1800s as a means of linking the Mediterranean and Red Seas. It was originally funded by Egyptian viceroy Sa'id Pasha, who had used his friendship with de Lesseps to obtain a concession for the construction of the canal.