$8.4bn Suez Financing

Egypt is gearing up to start marketing its Suez Canal Investment Certificates, intended to finance the waterway’s development and expansion project, following the issue of the law signed by President Abdel Fatah al-Sisi on 1 September.

The Governor of the Central Bank of Egypt (CBE) Hisham Ramzi confirms that four Egyptian banks – National Bank of Egypt, Banque Misr, Banque du Caire and Suez Bank – will market the new financial instruments intended to raise E£60bn ($8.4bn).

The non-tradable certificates carry the sovereign guarantee of the Egyptian state and will be subjected to the same terms as other certificates issued by banks. The Suez Canal Authority, the CBE and the four banks are to sign a protocol to regulate the new paper. (CONTINUED - 385 WORDS)