From Out of the Mattress and into Great Projects
September 29, 2014 • 3:24PM

An analysis of the purchasers of the Suez Canal Investment Certificates revealed that 42% used money that had been kept at home or in their shops, 38% used bank savings, 13% used Egypt Post savings and 4% sold personal properties such as cars and gold, the Egyptian center for public opinion research Baseera illustrated in its latest poll.

Thus money, that would have been otherwise been stuffed in mattresses, most likely converted to hard foreign currency or gold, has been invested in the country's national project and therefore the future of the country

Governor of the Central Bank of Egypt Hisham Ramez stated that LE64 billion Egyptian pounds, $8.5 billion, were collected within the first eight days of the certificates' issuance, adding that the total value of purchases that came from outside the banking sector was LE27 billion, according to a report in the Egypt Daily News.

The head of the Suez Canal Authority Mohab Mamish said that one of the most important objectives of the New Suez Canal is not only to get Egypt to be an important global logistical center but also to provide employment opportunities for the nation's youth

New legislation regulating the greater Suez Canal Development Zone will obligate investors to appoint 75% of Egyptian youth in every project, according to the government's State Information Service.

As for the progress in widening the canal, Director of Dredgers' Administration with the Suez Canal Authority Ahmed Sayed Ahmed announced that the dredging stage reached 9 meters depth, as about 20,000 cubic meters are currently being dredged per day with dredgers are working 24 hours a day.