The Bank of Alexandria’s board of directors recently approved the decision to increase the paid in capital of the Misr Iran Development Bank (MIDB) from $113 million to $155 million, reported Al-Alam Al-Yaum.
The state-owned Bank of Alexandria currently holds a 79.46-percent stake in MIDB, which is an Egyptian joint stock company. The remainder of the shares are owned by the Iranian government’s Foreign Investment Company.
The Bank of Alexandria is planning to reduce its interest in MIDC to 60 percent, while transferring 20 percent of the ownership to the MIDB’s Iranian investors, who would thus raise their equity in the bank to 40 percent.
Based in Cairo, MIDB was established in 1975 as Egypt’s first specialized bank. MIDB’s main objective is to further economic development in Egypt by encouraging private sector investments and assisting enterprises whose operations are considered constructive to Egypt’s economic development.
MIDB extends financial, management and related forms of assistance to Egyptian development projects in all sectors. It also involves itself in the identification, appraisal financing and implementation of various projects. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
