CAIRO: Egypt’s Cabinet has approved the Suez Canal Authority’s proposal to issue a commemorative coin for the upcoming inauguration of the “New Suez Canal” on August 6, Finance Minister Hany kadry announced in a Wednesday statement.
“The Egyptian Mint Authority, an affiliate of the Finance Ministry, will issue the commemorative 21-carat gold coin in different weights; including quarter and half ounce as well as two-five ounces and put it up for sale,” Kadry said in the statement.
One face of the coin will show the New Suez Canal logo and the phrase “The New Suez Canal from Egypt to the entire world,” while the other side will demonstrate two ships crossing the canal in two opposite directions along with its inauguration date on August 6, a symbol of the canal’s positive impact on the international navigation traffic, he added.
The coin’s design was selected from a big collection of designs. It was made by engineers at the Egyptian Mint Authority; Yasser Saad el-Din and Salma Asaad, said the minister.
“The coins will be presented to kings, presidents, and international delegations attending the inauguration ceremony,” Kadry added, noring that it is also intended to sell part of these coins for local citizens and tourists through the Public Treasury Authority.
The New Suez Canal project will boost the Egyptian economy and increase Egypt’s share in world trade by increasing the number of ships and tankers crossing the Suez Canal, said Kadry.
The Suez Canal Authority expects its revenues to edge up from $5 billion to some $13 billion over the next eight years, thanks to opening the new Suez Canal, the minister stated.