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Crowd-funding the new Suez canal?

Authorities have announced that Egyptian pound-denominated certificates will be available locally and abroad.
Mada Masr | 01.09.2014
<html><body<p>After deciding that the financing needs of the Suez Canal development project will be pooled from investment certificates made available to the public, authorities have announced that Egyptian pound-denominated certificates will be available locally and abroad.</p><br><p>

Dollar-denominated certificates are still under discussion, while restricting the purchase of the Suez Canal Investment Certificates to Egyptian individuals and legal entities reflects the government’s strong desire to create and preserve a national identity for the mega-scale project.</p><br><p>

A specific date has not been set, but the certificates will be available to the public after a presidential decree is passed to ratify a law drafted by the Cabinet, which allows the Suez Canal Authority to issue certificates.</p><br><p>

The Central Bank has already printed six million certificates, according to Central Bank Governor Hesham Ramez, who spoke about the details of the financing scheme at a press conference on Sunday. Egyptians living abroad will be able to buy certificates from corresponding local banks once they are announced on the CBE’s website.</p><br><p>

Guaranteed by the Ministry of Finance, the values of the non-tradable certificates range from LE10 to LE100 to LE1,000 and carry an interest rate of 12 percent. For certificates of LE1,000 and above, the interest will be distributed every three months, while for the lower brackets, the accrued interest will be distributed cumulatively at the end of a predetermined 5-year maturity period, according to the Aswat Masriya news portal.</p><br><p><b><center>

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