On Sept. 4, investment certificates aimed at funding the Suez Canal development project were available for purchase at Egypt’s four public banks. By the end of the day, the total amount paid had reached 6 billion Egyptian pounds ($839 million), according to Hesham Ramez, governor of the central bank.
He attributed the demand to “the patriotism of Egyptians who are keen on contributing to such an enormous national project,” as well as the relatively high interest provided by the certificates. “Almost 90% of the buyers are individuals and not corporations,” he said. The turnout led to banks extending their working hours.
However, Investment Minister Ashraf Salman said prior to the issuing of the certificates that he expected the money raised to cover the total cost of digging the new canal, which is 60 billion Egyptian pounds.
On Sept. 4, investment certificates aimed at funding the Suez Canal development project were available for purchase at Egypt’s four public banks. By the end of the day, the total amount paid had reached 6 billion Egyptian pounds ($839 million), according to Hesham Ramez, governor of the central bank.
He attributed the demand to “the patriotism of Egyptians who are keen on contributing to such an enormous national project,” as well as the relatively high interest provided by the certificates. “Almost 90% of the buyers are individuals and not corporations,” he said. The turnout led to banks extending their working hours.
However, Investment Minister Ashraf Salman said prior to the issuing of the certificates that he expected the money raised to cover the total cost of digging the new canal, which is 60 billion Egyptian pounds.
