The sources explained that the report claimed that Egypt borrowed $ 5 billion from abroad to pay Suez Canal investment certificates The sources explained that the report claimed that Egypt borrowed $ 5 billion from abroad to pay Suez Canal investment certificates
Written by  Jun 08, 2018 - 193 Views

Egypt will not borrow to refund the assets of Suez Canal certificates

The Egyptian government, represented by the Ministry of Finance, will have to borrow $ 5 billion, or 89.45 billion pounds, on the basis of the dollar against the Egyptian pound, estimated at 17.89 pounds per dollar, to repay the Suez Canal investment certificates, which is due in September 2019.

But senior sources within the Egyptian Ministry of Finance confirmed that the government is ready to pay the origin of these certificates estimated at 60 billion pounds, after the passage of 5 years to issue such certificates.

The sources explained that the report claimed that Egypt borrowed $ 5 billion from abroad to pay Suez Canal investment certificates, equivalent to 89.45 billion pounds, based on the price of the dollar against the Egyptian pound, estimated at 17.89 pounds per dollar, more than the value of certificates - 60 billion pounds. Billion pounds, so the figures are inaccurate and illogical, stressing that the Egyptian government is ready to pay the origin of those certificates, which will be resolved next year.

The sources pointed out that the outcome of certificates of investment Suez Canal, at the time of their issuance in 2014, amounted to about 64 billion pounds within 8 working days, and some of the holders of these certificates sold about 4 billion pounds over the past years to invest in other savings and investment vessels, Certificates worth about 60 billion yen are due to be disbursed next year.

For its part, banking sources said that the banks issuing certificates of the Suez Canal regularly spend more than 1.5 billion pounds on the certificates of Suez Canal investment and spend every 3 months, confirming that the investment certificate contains all the maturity tables for those certificates held by customers who bought them.

Suez Canal Investment Certificates were issued in early September 2014 through the banks of Al Ahly, Egypt, Cairo and Suez Canal to finance the construction of the new Suez Canal and collected an estimated LE 64 billion in 8 working days to 1.1 million customers And has a 5-year maturity of 12%. This dividend has been raised several times to qualify for higher yield certificates over the past years, such as 16% and 20%.

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