Tuesday, October 7, 2014

In a Wave of Patriotism, Egypt Raises $9 Billion for the Suez Canal

Brand “Egypt” has had a tough few years. After the euphoria of the Arab Spring swept authoritarian Hosni Mubarak from power 2011, the largest and arguably most important Arab nation has staggered from one crisis to another.
Its first democratically elected president, the Islamist Mohamed Morsi, was ousted amid deadly violence in July 2013 and the detention of activists and journalists has drawn unwelcome attention. Meanwhile, a sharp economic downturn, shrinking tourism revenue and crumbling public services have worsened the lives of already struggling Egyptians.
But finally there is a success Egyptians can be proud of. Citizens hungry to invest in the country's future have poured a collective $8.5 billion into an upgrade of the iconic Suez Canal, long a symbol of national pride.
President Abdel-Fattah el-Sissi's plan to build a waterway parallel to the Suez Canal announced struck a deep chord among Egyptians, and people from all walks of life rushed to finance the project in just 11 days.
Adel Mohammed Ahmed, wearing a national flag, holds
 an investment certificate used to finance the extension of
the Suez Canal in Cairo 
For astronomer Mahdi Saad, his $10,000 investment is about a lot more than the annual return of 12 percent he's set to make on the five-year certificates.
“It is like we built the pyramids and we built the Suez Canal, something that will be there for all time,” said the 46-year-old Cairo resident. "It is not a question of the interest — we have to build Egypt with our hands for our children.”
Read the rest of the story HERE.

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