People queue to buy Suez Canal investment certificates at a bank in Cairo September 4, 2014 (Photo: Reuters)
Egyptian banks raised LE5.5 billion ($774 million) on Wednesday from selling Suez Canal investment certificates, Hesham Ramez, governor of the Central Bank of Egypt (CBE), has said.
This brings the total amount of funds raised in order to finance the expansion of the Suez Canal so far to LE33.5 billion ($4.7 billion).
The aim of the government is to collect LE60 billion ($8.4 billion), needed for the digging of the Suez Canal extension and six tunnels that will link the east and west banks of the canal.
The certificates have a maturity of five years at a 12 percent yield to be distributed quarterly to owners.
Interest on the investment certificates will be paid by the canal authority from its revenues.
Short link: