Egyptian Industries Federation Invests EGP25 million in New Suez Canal Project

Federation of Egyptian Industries (FEI) purchased EGP 25 million (USD 3.5 million) worth of investment certificates to fund the new waterway along the Suez Canal.

In this respect, President of the FEI Mohamed Zaki El-Sewedy has stressed the federation’s confidence in the Second Suez Canal project. The new project is likely to boost the national industry and double the country’s share of global trade, he noted.

The new Suez Canal project aims to attract more ships and boost the country’s income. Egypt’s Suez Canal brings in US$ 5 billion annually and is a major contributor to Egypt’s economy, which was suffered since the 2011 revolution.

On September 4th, four assigned banks, Banque Misr, the National Bank of Egypt, Banque Du Caire and the Suez Canal Bank, began selling five-year investment certificates, designed to finance the new Suez Canal project.