Cairo – Mubasher: The Egyptian parliament approved the presidential decree no 662 of 2019 regarding a capital increase of the International Bank for Reconstruction and Development (IBRD), Ahram Gate reported on Sunday.

The bank’s authorised capital will be increased by $200 million, 26% of which will be contributed by the Egyptian government.

About 6% of the capital increase will be paid at first and the remaining amount will be paid over five years.

Founded in 1944 as a development bank administered by the World Bank, IBRD aims to finance the reconstruction of state members.