The Ordinary General Assembly of the Export Development Bank of Egypt (EBE) agreed by a majority to increase the bank’s issued and paid-up capital from EGP 3.274bn to EGP 5.274bn, an increase of EGP 2bn through cash subscription from existing shareholders. It also approved the bank’s planning budget for the year 2022.
The assembly, which was chaired by Minister of Trade and Industry Nevine Gamea, was held in the presence of Mervat Sultan, Chairperson of the EBE; as well as Ahmed Galal, the Vice Chairperson of the bank; members of the Board of Directors; shareholders; representatives of the CBE; and several ministries, in addition to auditors from the Central Auditing Organisation.
The minister said that this capital increase aims to support the bank’s capital base, increase the volume of its business and activities, enhance the bank’s plan for expansion by increasing the number of branches, and creating a competitive advantage in terms of loans.
Gamea explained that the bank played an important role in paying the arrears owed to exporters, which gave a great boost to Egyptian exports during 2021. She pointed out that the bank is financing import substitution projects, providing financing programmes for Egyptian exports, and facilitating the access of the Egyptian product to various international markets as part of the implementation of the directions of the political leadership to increase Egyptian exports to $100bn annually.
On her part, Sultan reviewed the objectives of the planning budget for 2022, which included an increase in total assets by 23% over the last year, an increase in the total loan portfolio by 21%, and an increase in total shareholders’ equity by 57% over 2021, as well as an increase in the number of branches of the bank by two to four branches.
