Revenues from Suez Canal investment certificates reach LE59 billion – Al-Tahrir News Network

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This evening, governor of the Central Bank of Egypt (CBE) Hisham Ramez announced that revenue from the new Suez Canal investment certificates reached LE59 billion on the eighth day of issuance. Sales exceeded LE9 billion on Monday.

Ramez added that 90 per cent of the total investments were from individuals, while 10 per cent were purchased by institutes, foundations and companies.

He said that the Central Bank will stop the sale of the new Suez Canal investment certificates upon reaching the LE60 billion ceiling.

The Egyptian government announced its intent to collect LE60 billion at the start of the sale on 4 September.

The value of the non-tradable Suez Canal certificates range from LE10, LE100 and LE1,000 and carry an interest rate of 12 per cent, paid according to the value of each certificate.

The certificates will be used to finance a mega project, launched by President Abdel-Fattah Al-Sisi, to build a 72 km long artificial parallel waterway, alongside the Suez Canal, within the coming year.

Last Friday, President Al-Sisi expressed his appreciation of all the banking sector staff, as well as Egyptian citizens, for their determination to aid the recovery of the Egyptian economy.

Head of the Suez Canal Authority (SCA) Mohab Mamish announced the beginning of water flow into the new Suez Canal on Monday.

The new waterway is designed to run parallel to the current canal, and aims to turn the area into a major hub for international trade.