Middle East

Egyptians rush to buy into new Suez project

Cairo: It took just eight days for Egypt to raise the $8.5bn it sought in funding for the new Suez Canal project. Egyptians rushed to snap up five-year investment certificates which have a 12% interest rate and pay quarterly dividends.

As well as a new channel the Suez Canal project includes the development of 76,000 sq km around the canal into an international industrial and logistics hub to attract more ships and generate income.

The total project will cost $220bn over 15 years, Ashraf Salman, Egypt’s investment minister, said earlier this week.  [18/09/14]

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