Egyptian Saudi Insurance House Invests EGP20mn in New Suez Canal Project

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Egyptian Saudi Insurance House (ESIH) bought today EGP 20 million (US$2.8 million) worth of investment certificates to fund the second Suez Canal project, said managing director Abdel Raouf Kotb.

The Egyptian official further stated that the insurance firms’ contribution come as a part of their national role in supporting the national economy.

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 last week selling five-year investment certificates, designed to finance the new Suez Canal project.