Sales of Suez Canal’s Investment Certificates Hit Le8 Bn On 4th Day

Governor of the Central Bank of Egypt (CBE) Hisham Ramez said that Tuesday’s sales of investment certificates issued for funding the new Suez Canal project hit LE8 billion.

“The total sales of the certificates have reached LE28 billion. Egyptians have hit a new world record in rates of investments certificates,” he stressed.

On August 5, President Abdel Fattah al-Sisi attended the inauguration ceremony of the new waterway to be dug alongside the Suez Canal. It is meant to add an extra lane to the Suez Canal, one of the world’s most important thoroughfares for trade, in an attempt to increase the number of ships using it.

The Suez Canal, which allows ships to travel from Europe to Asia without passing through southern Africa, only provides for one-way traffic, with occasional room for ships to pass each other.

The new lane would allow ships to travel in both directions at the same time.

In the same context, the fund for workers of the Tanta University bought some LE23-million worth of investment certificates to finance parallel Suez Canal project.

The decision was taken out of trust that the project would create brilliant solutions for Egyptian economy problems, president of the university Abdel-Hakim Abdel-Khaliq said.

Board of Writers’ Union of Egypt approved, in its yesterday session, the proposal offered by the union’s head Mohamed Salmawy on contributing to the new Suez Canal project via buying investment certificates to the value of LE5 million as a first tranche.

Source : Egypt State Information Service