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Suez Canal Investment Certificates to finance the project for the development, expansion and dual paths of the waterway project costing some E£60bn ($8.4bn) will be ready to be issued to the private sector in a week or so, the Governor of the Central Bank of Egypt (CBE) Hisham Ramiz says.
The project, also known as Suez Canal 2, was unveiled last month and is to be financed mainly via public subscription, but also from loans from banks and “friendly countries,” according to Egypt’s president Abdel Fatah al-Sisi.
Egypt is becoming ever more reliant on the backing of Gulf monarchies to keep its economy afloat (see p14). (CONTINUED - 386 WORDS)