Egypt faces $10 B loss from Suez Canal due to Gaza conflict

CAIRO – 2 March 2026:  President Abdel Fattah El-Sisi announced that Egypt has suffered a $10 billion loss in Suez Canal revenues due to the Gaza conflict and its aftermath.

During his meeting with Ajay Banga, President of the World Bank Group, El-Sisi emphasized the strain on Egypt’s economy, worsened by the influx of 10.5 million refugees fleeing conflicts in their home countries. He noted that these refugees receive the same services as Egyptians, but Egypt has not received any financial support in return, a point acknowledged by Banga.

The meeting focused on strengthening the partnership between Egypt and the World Bank, emphasizing continued cooperation to support Egypt’s sustainable development efforts and the ongoing economic reform program, particularly in collaboration with the International Monetary Fund.

El-Sisi outlined the government’s actions over the years to improve economic performance, address regional and global crises, stabilize the foreign exchange market, manage inflation, reduce public debt, and promote private sector participation and investment growth.

El-Sisi reaffirmed Egypt’s commitment to working with the World Bank to elevate the quality of life for its citizens and promote the achievement of sustainable development goals.

The discussion also covered regional tensions, with El-Sisi emphasizing Egypt’s unwavering stance on peaceful conflict resolution and warning of the potential security, stability, and economic consequences of ongoing regional conflicts, particularly on energy prices and maritime shipping in the Red Sea.