30 August 2014

Egypt: Suez Canal Investment Certificates to Be Released On Monday

Cairo — Egypt will issue the new Suez Canal investment certificates on Monday, September 1, state-run MENA agency reported, adding that the certificates will have a 12 percent yearly interest rate and quarterly dividends.

The four banks of Banque Misr, Banque du Caire, the National Bank of Egypt, and the Suez Canal Bank are the only banks granted the right to issue the certificates, MENA added.

The banks will also issue certificates in US dollars with a 3.5 percent yearly interest rate and quarterly dividends.

Central Bank Governor Hisham Ramez, is expected to announce the procedures and regulations of issuance in a joint press conference with the heads of the four banks on Sunday.

International consultancy firm Dar al-Handasah is the winner of a bid to plan the new development mega project in the Suez Canal region.

The project is implemented under the supervision of the armed forces. While launching the project, Sisi said digging the new bifurcation to the canal would be completed within a year, instead of a previous deadline of three years.

An overall of 14 coalitions were short-listed for planning the mega project.


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