The group includes the
The government intends to offer the certificates for a period of 5 years with 12% returns annually to be paid every three months.
"I do not expect the
Saeed said the bank was surprised by the government's decision to finance the project in this way. The bank had been considering a contribution to the funding if a company were established and listed on the stock market and non-Egyptians prohibited from the transactions.
Saeed does not expect the
The amount of funding required for the 72km
Hassan said that funding through investment certificates forms a medium-term solution in light of positive indicators.
Regarding banks' and
"Investment certificates are the best way to fund the project," said
According to Fahmy,
Fahmy added that the state made financing available through deposits in dollars with 3% interest which incentivised Egyptians to contribute in return for the 1% given to banks.
"The state set the rate at 12% for the year and not every 3 months for a period of five years. This means that funding will go to the new
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