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World

Egypt's Suez Canal Authority says expansion work on schedule, tolls to stay same this year

Associated Press
Published | Updated
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    Dredger float on a new section of the Suez canal during a media tour in Ismailia, Egypt, Wednesday, Feb. 4, 2015. The head of the Suez Canal Authority, Mohab Mameesh, says work is on schedule and that so far, 86 percent of the dry digging and 21 percent of the dredging has been completed, with the new section expected to be completed in August 2015. (AP Photo/Hassan Ammar) (The Associated Press)

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    Dredger float on a new section of the Suez canal during a media tour in Ismailia, Egypt, Wednesday, Feb. 4, 2015. The head of the Suez Canal Authority, Mohab Mameesh, says work is on schedule and that so far, 86 percent of the dry digging and 21 percent of the dredging has been completed, with the new section expected to be completed in August 2015. (AP Photo/Hassan Ammar) (The Associated Press)

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    Image 3 of 3

    A dredger floats on a new section of the Suez canal during a media tour in Ismailia, Egypt, Wednesday, Feb. 4, 2015. The head of the Suez Canal Authority, Mohab Mameesh, says work is on schedule and that so far, 86 percent of the dry digging and 21 percent of the dredging has been completed, with the new section expected to be completed in August 2015. (AP Photo/Hassan Ammar) (The Associated Press)

ISMAILIA, Egypt – Egypt's Suez Canal Authority says it will maintain tolls at their current prices this year, as development of a second parallel waterway proceeds on schedule.

The canal authority chief, Mohab Mameesh, announced the decision on Wednesday in the canal city of Ismailia, saying that the expansion work would be finished as expected in August.

The canal earned a record $5.455 billion in revenue last year, the most lucrative year since its inauguration in 1869, compared to $5.105 the previous year.

Egypt is the gatekeeper of the canal, one of the world's busiest water corridors and the strategic link between the Red Sea and the Mediterranean. It is a main source of income and Egyptians have pinned much hope on its expansion to relaunch a battered economy.