Misr Life Insurance allocates a portion of its portfolio to buy EGP 150 million worth of investment certificates dedicated to fund the new waterway along the Suez Canal, said chairman Saeed Gabr.
Gabr said the company’s decision came in context of the necessity that all Egyptians have to participate and support the mega project, which needs LE60 billion in funding.
The certificates have been issued Thursday from four state-owned banks: Bank Misr, the National Bank of Egypt, Banque du Caire, and the Suez Canal Bank.
The certificates are issued at a value of EGP 10, EGP 100, EGP 1000 and its multiples, with a maturity of five years and a 12 percent interest rate.
In 2013, Misr Life recorded total investments worth EGP 16 billion, while it targets achieving EGP 18 billion by end of June 2015.