Economy
Saturday 06 August 2016
The extended Suez Canal to flush money in Egypt coffers. The billion-project was presented as a new hope for the battered economy – one year after the opening of the balance is sobering. But a man sees things differently.
Thousands of Egyptians take to the streets of Cairo. Motorcades drown, flags fly and the battle cry of “Long live Egypt” echoes through the streets, over the Nile and the famous Tahrir Square. August 6 last year, was the day on which the PR machinery governmental months had worked: The extended Suez Canal was opened
A seven-billion-euro project, built from scratch in just. a year. Hope for the arg beleaguered economy. “We now get all quite a lot of money,” said one of the revelers. Finally President Abdel Fattah al-Sisi had promised, the revenue of the most important shipping routes in the world would double in the medium term.
A year later, the advertising of the canal with two intersecting ships still hangs in many places, for example, the Cairo airport. But the noise of the party is over. And the numbers are not going in the desired direction. 2015 took Egypt approximately $ 290 million (converted currently about 260 million euros) less by channel duties as in 2014, although the number of vessels increased slightly. The tonnage was in March this year – the last published numbers on the website of the Suez Canal Authority -. Back compared to the previous month
Egypt lies in the economic crisis
Experts had to before the reopening the current demand for an expansion doubted. The reading Al-Sisi, however is another: “.. I heard people say, the revenues of the Suez Canal did not go back course (…) They are gone,” the authoritarian rulers said in early May. As he does this happen? By Al-Sisi obviously counted in the national currency – the Egyptian pound. What he is silent: The Pound lost over the past year more than 13 percent against the dollar. And the national currency will not be accepted for the transit tariffs. Bottom line by increasing revenue therefore hardly be any question.
They would Egypt sorely needed. A deep economic crisis rocked the country. After attacks and the bombing of a charter flight late October, much of the important tourism sector is also broken. The country desperately needs foreign currency for payments on the world market – especially from the Suez Canal. In order to get the economy going, is the lead on the Nile on large projects to create suction and carried away the people. The economic profit of the Suez Canal by motivation and euphoria of the Egyptians is in numbers but not measurable.
Necessary modernization of the waterway was the Marine expert Ulrich Malchow of the Hochschule Bremen According to but despite lack of profits jump. Because of the two-lane expansion on additional sections have the navigation channel more attractive, and shortens the waiting time for cargo and container giants.
Panama Canal more attractive than ever
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The “new” Suez Canal was but after his first year because of the exaggerated promises no success yet. “On the contrary, because of the Panama Canal has become even greater,” says Malchow with a view to enlargement of the waterway in Central America in June. The competitor Translate to Egypt, because many shipowners Panama would now prefer the route from Asia to the US East Coast. Not least, the low oil price would make the long way attractive to the Cape of Good Hope. Although Egypt has the abbreviation, but also calls for hefty fees.
The long-term success of the Suez Canal can not yet be assessed after one year. Nevertheless, the interim report are the experts right who doubted the national liberation strike staged by the government a year ago. The hype will be further nurtured. The next time at the anniversary celebration this Saturday. The speaker? Of course, President Al-Sisi.
Source: n-tv.de
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