Egypt $8.4Bn Suez Funds

Egypt has raised E£60bn ($8.4bn) domestically from the sale of Suez Canal Investment Certificates launched on 4 September, Central Bank Governor Hisham Ramiz says.

The 5-year paper carries an annual yield of 12%, 1.5% higher than the highest yielding certificates issued by Egyptian banks. The certificates were issued with a face value of E£10, E£100 and E£1,000 and are exempt from all taxes and fees (MEES, 5 September). The cash will finance a project at the Suez Canal involving the construction of 35km of a new section of the canal, together with the deepening of 37km of the existing canal, to be overseen by the Egyptian armed forces (MEES, 29 August). (CONTINUED - 352 WORDS)