Middle East

Egyptians rush to buy into new Suez channel

Cairo: A total of E£3bn was raised on the first day of selling Suez Canal investment certificates to the public.

The investment certificates issued are offered in three classifications: EGP 10, EGP 100, and EGP 1000.

Revenues from the 10 EGP and 100 EGP certificates will be paid after five years, while the 1,000 EGP certificates will be paid quarterly.

The investment certificates, which have an interest rate of 12 percent, will be used to finance the new Suez Canal project and is expected to raise the project’s revenue to $3bn. [08/09/14]

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