Egyptians began buying investment certificates issued by the government on Thursday (September 4) to raise 60 billion Egyptian pounds (8.4 billion USD) to continue excavation work on the new Suez Canal.

Egypt plans to build a new canal alongside the existing, 145-year-old waterway to expand trade along what is the fastest shipping route between Europe and Asia.

The project, announced in August, includes the development of 76,000 sq km (29,000 sq miles) around the canal into an international industrial and logistics hub to attract more ships and generate income.

Egyptians queued up at the main branch of the National Bank of Egypt in Cairo, some carrying national flags and pictures of President Abdel Fattah al-Sisi. Some ululated after receiving the certificate.

Two types of certificates are being sold; a quarterly one that is over 1,000 EGP with a 12% interest rate and a cumulative one that is under 990EGP paid after five years.

The manager of Downtown National Bank of Egypt, Madeeha Al Refaei, said the one with a 12% interest rate is a good investment.

"It is beneficial for the people and it is beneficial for the country. It is beneficial for the people because the its interest is 12% which is considered high and the return is every three months for those who paid over 1,000 (EGP). The interest on the categories that are until 990 (EGP) are cumulative. They take it at the end of the duration of the certificate which is five years. It is also beneficial for the state because it is helping in the completion of the new Suez Canal project," she said.

The investors were excited.

"I feel that I am contributing to the development of our country. I want to feel that my grandparents built the canal with their blood and sweat. I am contributing with something very simple; money. I am contributing for my children and grandchildren. I feel that I am digging over there. I am an old man but I feel like I am digging there," said Ibrahim al-Bastaweesy.

One elderly woman, Zakeya al-Abaseery, said she invested the last 200 Egyptian pounds she had in her bag to help build her country.

"It is my country. Regardless of the president that comes and leaves but we are living, roaming, eating and comfortable in it," she said.

The government is counting on new economic plans and projects to reduce unemployment rate and increase economic growth.

Analysts expect companies and the Egyptian authorities to raise the maximum amount required to build the earthworks, roads and tunnels.