Cairo – Mubasher: The extraordinary general meeting (EGM) of the Export Development Bank of Egypt (EBE) approved raising the authorised capital to EGP 5 billion from EGP 2 billion.

The EGM also gave the go-ahead to amend Article 5 of the bank’s articles of association, according to a filing to the Egyptian Exchange (EGX).

The bank approved the planning budget for fiscal year 2017/2018 and aims to achieve EGP 654 million in net profits in the estimated budget of FY17/18, compared to EGP 438.8 million expected in the year before.

The bank’s profits amounted to EGP 381.3 million from July 2016 to March 2017, compared to EGP 302.13 million in the same period in the year earlier.