Ahmed Kamel – Egypt Daily News
Egypt has lost around $10 billion in revenue from the Suez Canal Authority in recent years due to regional instability and disruptions to shipping routes, President Abdel Fattah el-Sisi said during a meeting in Cairo with Ajay Banga.
The remarks came during talks with the head of the World Bank Group on Monday, where the two sides discussed the economic impact of ongoing conflicts in the Middle East.
According to the Egyptian presidency, President El-Sisi said the war linked to the Gaza war and the resulting security tensions in the Red Sea had significantly affected maritime traffic. Many international shipping companies have chosen alternative routes to avoid the area, reducing traffic through the canal, one of Egypt’s most important sources of foreign currency.
The president also highlighted the economic pressures facing Egypt due to regional displacement, noting that the country currently hosts around 10.5 million foreigners affected by conflicts in neighbouring states.
President El-Sisi said Egypt provides these residents with public services including healthcare and education on the same basis as Egyptian citizens, adding that the country shoulders this financial burden largely without sufficient international assistance.
Despite these challenges, the president reaffirmed Egypt’s commitment to its economic reform programme. He said the government continues to work with the International Monetary Fund to stabilize the foreign exchange market, curb inflation, and reduce public debt.
President El-Sisi also highlighted social protection initiatives such as the Decent Life Initiative and the Takaful and Karama programmes, which aim to support vulnerable households while advancing Egypt’s Egypt Vision 2030 development strategy.
For his part, Banga praised Egypt’s resilience amid regional challenges and its role in maintaining stability in the Middle East. He said the World Bank remains committed to supporting projects in Egypt focused on climate resilience, food security, and strengthening the private sector.
According to officials, the Suez Canal has begun to show early signs of recovery in early 2026 following ceasefire efforts in the region. However, both sides stressed that long-term stability in global trade and energy markets will depend on a lasting resolution to regional conflicts.
