Egyptian Finance Minister Mohamed Maait said that the impact of the attacks in the Red Sea on the revenues of the Suez Canal could be partly absorbed.
The minister attributed this to the previous solid growth before the events started, according to his statement.
Maait, on the sidelines of the World Government Summit in Dubai, added that the government plans to rely more on the private sector regarding expenditures on projects.
Between 12% and 15% of global trade and between 25% and 30% of container traffic pass through the Suez Canal.
Trade volume through the Suez Canal dropped by 45% during the last months of November and December due to the Red Sea attacks by the Houthis, as announced by the United Nations Conference on Trade and Development (UNCTAD).
The UNCTAD official, Jan Hoffmann, stated last January that disruptions in trade in the Red Sea are concerning because over 80% of global commodity trade is conducted by sea and because “other important routes are also coming under pressure.”
