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The governor of the Central Bank of Egypt (CBE) has announced that the country has raised US$8.5bn for the expansion of the Suez Canal
According to local news reports, governor of CBE Hisham Ramez said funds had been raised after Egypt's Central Bank secured funds in eight days and were able to issue five-year investment certificates to finance the project.
Upon completion, this project is expected to have constructed the fastest shipping route between Europe and Asia, revealed Ramez.
National Bank of Egypt, Banque Misr, Banque Du Caire and Suez Canal Bank have issued the certificates, added officials from the CBE. The investment certificates have a 12 per cent interest rate and the organisations will pay quarterly dividends.
The Suez Canal expansion entails the development of 76,000 sq km around the existing canal into an international logistics hub. The planned expansion has been predicted to boost revenue to US$13.5bn by 2023.