Suez Canal Insurance Invests EGP10mn in New Suez Canal Project

Suez Canal Insurance has bought today EGP 10 million worth of investment certificates dedicated to finance the new waterway along the Suez Canal, said managing director Mohamed Abdallah.

In a statement to Amwal Al Ghad on Tuesday, Abdallah noted that SCI plans to buy more of the Suez Canal investment certificates, to become at total value of EGP 15 million in the coming period in accordance with the company’s balance sheet.

Following buying the investment certificates, the Egyptian official asserted that it is a national duty to take part in funding the construction of a new Suez Canal.

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.