CAIRO: Egyptian business tycoon Naguib Sawiris said in a Sunday exclusive with Youm7 he bought 100 million EGP ($13.98 million) in Suez Canal investment certificates.
Meanwhile, the total sale of certificates reached 49 billion EGP on the seventh day of issuance, Central Bank of Egypt (CBE) Governor Hisham Ramez told CBC channel Sunday.
On Sunday, around 9.5 billion EGP was raised from certificate sales, Ramez said.
The government is issuing the certificates in hopes of raising 60 billion EGP to finance a Suez Canal expansion project that includes a new 72 kilometer branch of the major world waterway parallel to the current canal.
“I expect the certificates to cover the 60 billion EGP Tuesday,” said Ramez, urging those willing to purchase the certificates to head to the assigned banks Monday and Tuesday.
The certificates are offered with a lifetime of five years at a 12 percent interest rate. Sales of the investment certificates will continue until the 60 billion EGP target is met.
“Individuals dominated the lion’s share of sales with 90 percent of subscriptions, and 10 percent from local institutions and companies,” Ramez added.
The National Bank of Egypt, Banque Misr, Banque du Caire and Suez Canal Bank were assigned to offer the certificates for the public Sept. 4 amid an “unprecedented” turnout, according to the CBE governor.
Certificates are being offered in three categories: 10 EGP, 100 EGP and 1,000 EGP. “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,” Ramez said at a press conference last Sunday.