Egypt’s Arab Misr Insurance Group (GIG) bought today EGP 5 million (USD 699.056) worth of investment certificates to finance the new waterway along the Suez Canal, said managing director Alaa El Zoheiry.
Speaking to Amwal Al Ghad on Thursday, El Zoheiry stated that GIG may purchase more of the Suez Canal investment certificates in the coming period in accordance with the company’s available cash liquidity.
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.
The 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.