Egypt has begun selling notes to finance its $8.4bn upgrade of the Suez Canal and says it has already raised about one-third of the funds it needs from the issue.
The National Bank of Egypt, Banque Misr, Banque du Caire and Suez Canal Bank are issuing the so-called “investment certificates”, which are denominated in Egyptian pounds (EGP), mature in five years and bear an interest rate of 12%.
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