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Egyptian business tycoon Naguib Sawiris purchased Sunday EGP 100 million (around US$14 million) worth of investment certificates to fund the new Suez Canal project, Youm7 newspaper reported.
The new Suez Canal project aims to attract more ships and boost the country’s income. Egypt’s Suez Canal brings in US$ 5 billion annually and is a major contributor to Egypt’s economy, which was suffered since the 2011 revolution.
On September 4th, four assigned banks, Banque Misr, the National Bank of Egypt, Banque Du Caire and the Suez Canal Bank, began last week selling five-year investment certificates, designed to finance the new Suez Canal project.
