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Egypt to issue certificates to finance Suez Canal on Monday

Published on Aug 31, 2014 1:37 AM
 
An Egyptian woman waves a national flag as machinery is driven during an upgrading project on the Suez Canal, in Ismailia port city, north-east of Cairo August 12, 2014. The project includes the development of 76,000 sq km around the canal into an international industrial and logistics hub to attract more ships and generate income. -- PHOTO: REUTERS

CAIRO (REUTERS) - Egypt will issue government certificates to finance the Suez Canal project on Monday, state media said, as the country aims to expand trade along what is the fastest shipping route between Europe and Asia.

The project includes the development of 76,000 sq km around the canal into an international industrial and logistics hub to attract more ships and generate income.

Officials have said the new canal would boost annual revenues to US$13.5 billion (S$16.8 billion) by 2023 from US $5 billion currently, a vital source of hard currency for a country that has suffered a slump in tourism and foreign investment since the 2011 uprising.

The five-year investment certificates have a 12 per cent interest rate and pay quarterly dividends and will come in 10, 100 and 1,000 Egyptian pound denominations, MENA said.

 
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