The project was lauded as a national achievement, on par with the construction of Aswan’s High Dam. In an essay typical of the genre, Ahmed al-Naggar, head of government think tank the Al-Ahram Center, described the canal expansion as a “giant national project that is a main gateway for Egypt’s economic boom to summon the savings capacity of the great people of Egypt, at home and abroad, to build the future, destiny and path for their country with the money, brains and achievements of the people.”
At first, officials said the canal would be financed through an initial public offering, floating shares on the Egyptian Stock Exchange. Then, on August 14, Prime Minister Ibrahim Mehleb announced the canal would be funded by five-year investment certificates through the four main state-owned banks: Banque Misr, the National Bank of Egypt, Banque du Caire and Suez Canal Bank.
The project was lauded as a national achievement, on par with the construction of Aswan’s High Dam. In an essay typical of the genre, Ahmed al-Naggar, head of government think tank the Al-Ahram Center, described the canal expansion as a “giant national project that is a main gateway for Egypt’s economic boom to summon the savings capacity of the great people of Egypt, at home and abroad, to build the future, destiny and path for their country with the money, brains and achievements of the people.”
At first, officials said the canal would be financed through an initial public offering, floating shares on the Egyptian Stock Exchange. Then, on August 14, Prime Minister Ibrahim Mehleb announced the canal would be funded by five-year investment certificates through the four main state-owned banks: Banque Misr, the National Bank of Egypt, Banque du Caire and Suez Canal Bank.
