Egyptians waiting at a branch of National bank of Egypt in Cairo to buy Suez Canal investment certificates. (Photo: Mai Shaheen)
Egyptian banks sold over LE8 billion ($1.1billion) worth of investment certificates on Tuesday bringing the total amount of funds raised to finance a project o develop the Suez Canal to LE28 billion ($3.9 billion).
The government is aiming 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 were first issued on Thursday September 4th by four state-owned banks; Bank Misr, the National Bank of Egypt, Banque du Caire and the Suez Canal Bank.
The certificates, limited to Egyptian nationals and corporations, are issued at a value of LE10, LE100, LE1,000 and its multiples, with a maturity of five years at a 12 percent interest rate.
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