Governor of Central Bank of Egypt (CBE) Hisham Ramez revealed that Suez Canal investment certificates collected nearly EGP4.5 billion till today Two o’ clock afternoon .
Ramez told Amwal Al Ghad that the total collected investment certificates surged to EGP53.5 billion since launching the sale for nationals on Thursday, September 4.
Egypt is aiming collecting EGP60 billion through certificates that will go financing the digging of the new waterway, in addition to building six new tunnels across the canal in preparation for launching a logistics services and trade zone.
four state-owned banks: Bank Misr, the National Bank of Egypt, Banque du Caire, and the Suez Canal Bank, attracting an “unprecedented” number of customers, according to Ramez.
The certificates, limited to Egypt nationals and corporations, 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.
There is no ceiling to the amount of certificates a single individual or corporation can acquire.
Egyptian expatriates can buy the certificates from banks overseas with ties to issuant banks in Egypt, in Egyptian pounds.
The four banks have signed cooperation protocol with the remaining banks which are operating in the Egyptian market to allow providing certificates to the customers through the four issued banks.
Hence, Egypt Post has recently signed protocol with Banque Du Caire to provide certificates through its branches offices.
The 1000 denomination certificate’s buyer can get return every 3 months and the yield is calculated starting from the day following the purchase of the certificate, and the customer can borrow 90% of the size of the investment certificate from the same bank.
The five-year investment certificate will have a 12% interest rate and quarterly dividends every 3 months in 10, 100, 1000 categories through coordinating between the issued banks and the revenues of other banks through the four banks which spread across republic, Ramez added.
Ramez indicated that such tremendous turnout reflects people’s keenness on the success of the new Suez Canal project launched by President Abdel Fattah El Sisi.