Awqaf Ministry (Photo:Ahram)
The Social Solidarity Fund of the Religious Endowments (Awqaf) Ministry said it will buy LE400 million worth of investment certificates aimed at funding the new waterway along the Suez Canal, state news agency MENA reported Wednesday.
MENA said the decision came in context of the necessity that all Egyptians participate and support the mega project, which needs LE60 billion in funding.
The certificates will be issued Thursday from four state-owned banks: Bank Misr, the National Bank of Egypt, Banque du Caire, and the Suez Canal Bank.
Earlier this month, Egypt started digging a 72-kilometre waterway parallel to the Suez Canal, with the aim of increasing the capacity of the vital international shipping route.
The issuance of the certificates was pending final ratification of the relevant law, which went into effect Tuesday.
The certificates will be issued at a value of LE10, LE100, LE1000 and its multiples, with a maturity of five years and a 12 percent interest rate.