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Egypt’s Suez Canal maritime traffic generates $15 million daily, Spokesman says

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The Egyptian Suez Canal Authority (SCA), has disclosed that the international maritime traffic it has generated in recent months has hit a record high $15 million daily for the North African country.

The spokesman for the SCA, Gorge Safwat, said on Thursday while hosting top business journalists from sub-Saharan Africa at the headquarters of the company in Ismailia District, northeast of Cairo, that the Authority is planning on increasing the revenue before the end of the year.

Safwat explained that so far, up to one billion tons of maritime cargo pass through the canal every year while up to 20,000 ships had passed through the canal in the first quarter of 2022, carrying goods to various countries around the globe.

The SCA spokesman added that the canal which is the longest man-made canal in the world has been recording yearly increased revenue and generated about $5.61 billion in 2020, due to the “determination and doggedness of Egyptians.”

The Suez Canal Authorities made about $6.3 billion from its activities last year,” Safwat said, adding that the construction of the canal 152 years ago demonstrated the “will power and can-do spirit of Egyptians.”

“It took about one million Egyptians and 120,000 deaths to put the Suez Canal in place in 1859,” Safwat said while tracing the history of the Suez Canal.

Safwat noted that the number of ships using the canal daily had increased from 45 per day in 2015 to 60 per day at present, describing the route as one of the safest in the world.

The Suez Canal, the largest and longest in the world, stretches from Port Said on the Mediterranean Sea to the city of Suez on the northeastern shores of the Gulf of Suez, separating Egypt from the Sinai Peninsula.

The 193-km Suez Canal connects the Mediterranean Sea at the canal’s northern end to the Red Sea in the south and it provides the shortest link between Asia and Europe.

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World Bank predicts Mozambique economy growing at 5.7% on average

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The World Bank has predicted that the economic growth in Mozambique is expected to accelerate in the medium term averaging 5.7% between 2022 and 2024, as a result of demand recovery and economy benefits from the start of liquefied natural gas production this year.

In a report released Thursday, the World Bank said the start of LNG production at the offshore Coral Project and the expected resumption of other LNG projects would help spur the southeast African nation’s growth in the intervening year.

The World Bank said a three-year extended credit facility arrangement agreed by Mozambique with the International Monetary Fund (IMF) and budget support from other partners would further help to strengthen its economic recovery.

The IMF’s executive board had, in May, approved a $456 million program for the country, the first since the global lender suspended support to Mozambique six years ago.

However, the World Bank warned that risks remained for Mozambique’s growth, especially from rising import prices due to the conflict in Ukraine, a possible surge in COVID infection waves, and insurgency in the north.

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Nigeria, Algeria, Niger to revive Saharan gas pipeline talks

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The governments of Nigeria, Algeria and Niger Republic have held talks to revive a gas pipeline project across the Sahara which had been put on hold for over 40 years, with the potential opportunity for Europe to diversify its gas sources as the world faces a short fall as a result of the Russian-Ukraine war.

The three countries, represented by their various Petroleum Ministers, met in Abuja, Nigeria’s capital on Wednesday and resolved to set up a task force to revive the project and designated an entity to update the feasibility study.

A statement by Niger’s Oil Ministry after the two-day meeting stated that the Trans-Saharan gas pipeline project estimated at $13 billion, could send up to 30 billion cubic metres a year of supplies to Europe.

The statement added that the energy ministers of the three countries will meet again in Algiers at the end of July to “validate the proposals of the newly installed task force.”

“The pipeline should allow Europe to diversify its sources of natural gas supply but also allow several African states to access this high value energy source,” the statement said.

“With a length of 4,128 kilometres (2,565 miles), the pipeline would start in Warri, Nigeria, and end in Hassi R’Mel, Algeria, where it would connect to existing pipelines that run to Europe,” it said.

The gas pipeline idea was first proposed more than 40 years ago with an agreement signed between the three countries in 2009, but progress stalled stalled following a lack of follow through by the countries.

Earlier this month, Nigeria also took steps to revive another gas pipeline project that would pass through West Africa, Morocco to Europe.

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