Cairo - Mubasher: Export Development Bank of Egypt (EBE) has reached an agreement with the European Investment Bank (EIB) for an EUR 500,000 (EGP 10.9 million) grant from the latter.

The grant is a technical assistance directed to financing sectors and risk management, the bank said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The bank’s board has recently approved to raise issued capital to EGP 2.72 billion from EGP 1.72 billion.

EBE’s capital amounts to EGP 1.7 billion distributed over 172 million shares at a par value of EGP 10 per share.