The Ministry of Finance is currently preparing to release a gold commemorative currency for the new Suez Canal by the end of August, through the authority is concerned with currency issuance, the ministry said on Thursday.
Head of the Currency Issuance Authority Mohamed El-Sobky said that the currency will be issued for the public through the Ministry of Finance-affiliated General Budget Authority, Suez Canal Authority, Postal Authority and all branches of Egyptian authority.
The commemorative currency will be equivalent to the Gold Pound in terms of weight and it will be sold at EGP 4,100, according to the ministry.
The New Suez Canal project, which was inaugurated on 6 August, is a 35 km extension running parallel to the existing canal. It is part of a wider project to turn the surrounding area into an economic zone of a special nature for manufacturing and logistics.
The cost of the expansion was $8bn, with the Egyptian government successfully collecting $8bn through investment certificates for citizens. Revenues of the Suez Canal are expected to increase from $5bn per year to $13.2bn by 2023, according to the Egyptian government’s estimation.