No limit on new Suez Canal certificates: Egypt's finance minister

There will be no limit on the amount of investment certificates individuals and corporations can buy in the new Suez Canal development project, Egypt's Finance Minister Hany Kadry Demian said in a statement on Monday.

Earlier this month, Egyptian President Abdel-Fattah El-Sisi launched a mega project to build a 72 km long parallel artificial waterway alongside the Suez Canal in the coming year, at a projected cost of $4 billion.

The project will be financed through investment certificates, issued to Egyptians only, in local currency for citizens working inside the country and possibly in dollars and euros for those residing abroad, according to Demian.

The ban on foreigners buying certificates to fund the project stems from the special historical status of the Suez Canal, notably the sensitivity surrounding its Egyptian ownership, though foreign investments will be welcomed in planned development projects surrounding the vital waterway.