A maximum limit will not be applied to Egyptians who seek to acquire investment certificates for the expansion in the Suez Canal, Minister of Finance Hany Kadry Dimian stated Monday, adding that several Egyptian companies will be permitted to purchase the certificates under certain regulations, which will be announced in the upcoming days.
According to the minister, the project’s financing is limited to Egyptians due to the canal’s special “prestige and place” in Egyptian society.
Dimian added that investment opportunities will be available for foreigners after the project is completed.
The minister noted that the return on these certificates will be paid from the revenues of the Suez Canal, which he said will rise from EGP 5.5bn to more than EGP 13bn over the next four years.
The government is also considering the possibility of issuing investment certificates in dollars and euros for Egyptians who live abroad.
On the tools used to finance the project, the minister stated that the government studied different methods until it decided that investment certificates and loans are the best ones.
The government’s sudden decision to shift the financing of the project from shares to investment certificates raised several questions among Egyptians. Some experts believe that investment certificates were selected for their easier regulations and attractive interest rate.
The government is expected to announce the name of the consultancy firm who won the bid for the project. A source close to the matter told the Daily News Egypt that Dar-Al-Handasah is the bid’s winner.