Gov’t celebrates completion of Suez Canal popular funding scheme

Hesham Ramez, the head of the Central Bank, stated on Wednesday that the investment certificates used to finance the new Suez Canal project have amounted to LE64 billion, before the sales of the certificates ended late on Monday, state-owned Al-Ahram reports.

In a televised speech on August 5, Sisi had announced a project to expand the Suez Canal, inviting Egyptians to fund the project through the purchase investment certificates available in four banks.

Ramez said that the high turnout to buy the certificates continued until 9pm on Monday, highlighting people’s insistence on contributing to the financing of the project. Ramez said that this speaks to the public’s strong national sentiment.

Ramez says that 88 percent of certificates were sold to individuals, while the rest were sold to companies or other entities. He added that the certificates ran out in only eight working days, setting a world precedent.

He also stated that the popular response to the project sends an important message to the world about the popular willingness to contribute to the rebuilding of Egypt and the advancement of the economy.

A large segment of Egyptian society continues to celebrate the Suez Canal project as a new national project that will unite the people and help Egypt out of its economic troubles. However, some are skeptical of the effectiveness of this financing method and its long-term effects on the economy.