Banque du Caire received Suez Canal investment certificates on Tuesday, according to an official source at the bank, and the certificates will probably be available for the public by Thursday or at the beginning of the next week, reports 'Daily News Egypt'.
The investment certificates will be issued at the values of EGP 10, EGP 100, EGP 1,000 with a five year maturity and a 12% interest rate.
The CBE governor announced that the interest on the EGP 1,000 certificates can be collected on a quarterly basis. However, the interest on investment certificates between EGP 10 and EGP 100 will be cumulative – redeemed at the end of the five year period.
Hisham Ramez, governor of the Central Bank of Egypt (CBE) announced during a press conference on Sunday that around 6m tax-exempted Suez Canal investment certificates are ready to be issued, following presidential approval.
Source: Daily News Egypt