The Egyptian government is planning to turn to Egyptian nationals working in the Kingdom to secure funds for the expansion of the prestigious Suez Canal.
Egyptian officials have high hopes of generating mass funding through the introduction of investment bonds that can be bought by the thousands of Egyptians living in the Kingdom, who make up the largest block of Egyptians working abroad.
“Egypt has decided to turn to its people instead of local or international markets,” said Mustafa Abdul Jawad, Egyptian information officer in the Kingdom.
“The country will issue bonds in dollars at the request of several Egyptain expatriates. There will be no limit as to how many bonds can be purchased by a single buyer,” he said.
“Public banks are set to offer investment certificates with a 12 percent interest rate from next week to fund the Suez Canal expansion project.”
The official said that public banks, including the National Bank of Egypt, Banque Misr and Banque du Caire, are expected to issue investments certificates.
The certificates, valid for five years, will offer quarterly dividends.
“The Egyptian government is expecting a tremendous response from community members living in Jeddah, Riyadh and other parts of Kingdom,” he said.
Abdul Jawad said that the giant project will involve digging a new canal and six tunnels that will link the east and west banks of the canal, including two railway tunnels along with the existing current channel spanning a total length of 72 km.
Source:Arab News