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Administrative matters behind delays in Suez Canal certificates issuing: Finance Ministry - Daily News Egypt

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Administrative matters behind delays in Suez Canal certificates issuing: Finance Ministry

Government has yet to announce official date for investment certificates


Egyptian investors are set to present the Suez Canal Regional Development Plan to Russian investors during both the Arabia Expo and during a number of meetings sponsored by the Egyptian-Russian Business Council (AFP\Photo)
Administrative matters and law revisions are behind the delays announcing the issuance of the Suez Canal investment certificates, a Finance Ministry official said.
(AFP Photo)

Administrative matters and law revisions are behind the delays announcing the issuance of the Suez Canal investment certificates, a Finance Ministry official said.

An official previously told Daily News Egypt that a new law for issuing Suez Canal investment certificates was finalised by the cabinet on Wednesday. The process prepares the way for their announcement which is slated for Monday

“I personally believe that some EGP 30bn or EGP 40bn will be collected,” the official previously said.

No official announcement was made by the government on the amount that is expected to be collected from the investment certificates. The date of issuance has not been publicly announced as well.

On 18 August, Finance Minister Hany Kadry Dimian announced that a maximum limit will not be applied to Egyptians who seek to acquire investment certificates for the expansion in the Suez Canal. The minister added that several Egyptian companies will be permitted to purchase the certificates under certain regulations.

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https://www.dailynewsegypt.com/2014/08/25/administrative-matters-behind-delays-suez-canal-certificates-issuing-finance-ministry/
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