Egypt: Huge Turnout Expected for Suez Canal Certificates

Huge Turnout Expected for Suez Canal Certificates

Governor of the Central Bank of Egypt (CBE) Hisham Ramez announced on Sunday issuance of investment certificates for the New Suez Canal Project.

Ramez said that Cabinet’s economic group has agreed on issuing investment certificates of the New Suez Canal project and that the issue was raised to President Abdel Fattah El Sisi. He expected that purchase process of the certificates will witness a huge turnout from Egyptians.

The National Bank of Egypt, Banque Misr, Banque du Caire and Suez Canal Bank are the banks entitled to issue the new certificates. The certificates will be released in 10, 100 and 1,000 Egyptian pounds, which will offer an interest rate paid every three months.

Banks issuing the certificates will not charge additional expenses or commissions for issuing the certificates for clients.

Speaking during a press conference, CBE Governor expected that many Egyptians will buy investment certificates, which will be issued for the new Suez Canal project.

He further said that citizens are now selling dollars and transfer them to Egyptian currency to buy investment certificates in the new Suez Canal project. “Egyptians are keen on contributing to the new Suez Canal project,” he went on to say.

He also said that the investment certificates are guaranteed, pointing out that returns of 12% are higher than the market rate.

Press Release, September 2, 2014