Egypt raises EGP 61 billion for new Suez Canal

The head of Egypt’s Central Bank has announced that EGP 61 billion ($US 8.5 billion) for the construction of the country’s new Suez Canal.

The target of EGP 60 billion from the sale of investment certificates was achieved within just 11 days.

Banks had witnessed high popular turnout over the past eleven days since the availability of the investment certificates. Revenue from the certificates hit EGP 39.5 billion at the end of last week, seven days after they became available.

Ramez added. Sales revenue hit 39.5 billion Egyptian pounds at the end of last week, one week since the start of the sale.

The investment certificates have an interest rate of 12 percent and were implemented to finance the new Suez Canal project.

The investment certificates, which have an interest rate of 12 percent and were only available to Egyptians, will be used to finance the new Suez Canal project and is expected to raise the project’s revenue to USD 13 billion.

Earlier this year, Egypt’s Chairman of the Suez Canal Authority announced the construction of a new Suez Canal, which will involve 35 kilometers of dry digging, and the expansion and deepening of another 37 kilometers.

The project aims to attract more ships and boost the country’s income. Egypt’s Suez Canal brings in USD 5 billion annually and is a major contributor to Egypt’s economy, which was suffered since the 2011 revolution.