Egyptian banks have begun issuing Suez Canal investment certificates to Egyptians abroad today, said National Bank of Egypt Director Hisham Okasha on Tuesday.
Okasha said he gave orders to various bank branches in New York, Dubai, Abu Dhabi, Addis Ababa and Khartoum to begin receiving the registration requests.
This initiative arrives in response to the wishes of the Egyptian diaspora to not be prevented from participating in national projects, explained Okasha. He added that the procurement process is the currency of the country corresponding to the Egyptian pound.
An official source with Bank Misr also told TNN that the issuing of investment certificates by its overseas branches to Egyptians working and living abroad begins Tuesday.
Revenues for the Suez Canal project, received through the investment certificates, have reached approximately LE 20 billion in three days.
The value of the non-tradable Suez Canal certificates range from LE 10 to LE 100 to LE 1,000 and carry an interest rate of 12 per cent. For certificates of LE 1,000 and above, the interest will be distributed every three months, while for the lower brackets, the accrued interest will be distributed cumulatively at the end of a prearranged five-year maturity period.
The state aims to garner up to LE60 billion to complete the Suez Canal expansion that expects to increase revenues from $5.3 billion USD last year to $13.5 billion USD by 2023.
Policy Committee Member at the National Bank of Egypt, Adel Al-Orabi, stated that the issuing of the dollar certificates depended on the sales proceeds within Egypt. He noted that the average revenues for the past three days ranged from LE 6 billion to LE 8 billion per day, a high indicator. If the rate continues, added Al-Orabi, we will achieve the required LE 60 billion by next week.