Egypt raises $8.5B for Suez Canal expansion

CAIRO (AP) — The head of Egypt’s Central Bank said on Monday that it has raised $8.5 billion for the construction of an expansion of the Suez Canal by selling investment certificates.

Hisham Ramez told Al-Hayat TV that the bank secured the funds in just eight days by selling non-tradable certificates with a maturity of five years at 12 percent interest to Egyptian nationals.