March 11, 2019
Mohab Mameesh, chairman of the Suez Canal Authority and chairman of the General Authority for development of the Suez Canal economic zone, pointed out that the Authority will return the proceedings of the Suez Canal certificates to certificate holders on their due date in September.
He also pointed out in his remarks at the Egyptian-Japanese Business Forum today, in the presence of 50 Japanese companies, that the Authority doesn’t intent to renew the certificates again and is committed to returning the proceeds agreed on in September.
The Central Bank had announced the issuance of the Suez Canal certificates in September 2014 with an interest rate of 12% to help finance the first phase of the Canal in cooperation with the National Bank of Egypt, Banquemisr, Banque Du Caire and Suez Canal Bank
64 billion pounds were collected from customers in eight days, after reaching the target they stopped the Suez Canal investment certificates.
The Suez Canal Authority decided to raise the interest rate on the investment certificates from 12% to 15.5% after the liberalization of the exchange rate.