News

Egypt raises EGP 61 billion for new Suez Canal

Egypt raises EGP 61 billion for new Suez Canal

welcom

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.

Egypt, Russia reach preliminary arms deal worth $3.5 billion
Explosion kills six police personnel in Egypt's Sinai

Subscribe to our newsletter


News

More in News

Saudi Arabia Mandates COVID-19 Vaccination for All Hajj Pilgrims

Egyptian StreetsMarch 3, 2021

Egypt and Sudan Announce Military Cooperation Deal

Egyptian StreetsMarch 2, 2021

New Draft Personal Status Law Sparks Outrage in Egypt

Egyptian StreetsFebruary 27, 2021

Egypt’s Public Prosecution Issues Call for Video Evidence of Fairmont Gang Rape Case

Egyptian StreetsFebruary 24, 2021

Egyptian Aged 40 or Older? You Can Register for COVID-19 Vaccination This Month

Egyptian StreetsFebruary 24, 2021

Egyptian Ministry Establishes ‘Equal Opportunity Unit’ to Promote Gender Equality and Counter Discrimination

Egyptian StreetsFebruary 22, 2021

Tamer Amin Show Suspended For Offensive Commentary on Upper Egyptians

Egyptian StreetsFebruary 20, 2021

Egypt’s Dar Al-Iftaa Launches ‘Birth Control is Permissible’ Hashtag to Counter Overpopulation

Egyptian StreetsFebruary 18, 2021