Weak shipping markets affect the Suez Canal’s plan to bring in higher revenue.WHAT IT MEANS: Egyptians were asked to help fund a wider Suez Canal. $12bn over three years sought from the IMF.One year after Egypt’s celebrated expansion of the Suez Canal, the project has failed to yield the "exponential" revenue increase promised by the government.Revenue figures differ because of fluctuating currencies and a devalued Egyptian pound (E£), but broadly speaking, the project has yielded disappointing results, at least when compared with the great expectations built by a government-led campaign.On August 6 last year, President Abdel Fattah al-Sisi inaugurated the US$8bn expansion of the canal after a huge fundraising campaign that encouraged citizens to buy investment certificates to finance its construction.As Egyptians were called on to raise E£64bn for the national mega-project, officials said the expansion would double daily traffic and increase annual revenue to more than $13bn by 202...
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