Al Baraka Bank Egypt to inject $13mn into paid-up capital late 2015
Al Baraka Bank Egypt is planning to pump 105 million Egyptian pounds (US$13.4 million) into its paid-up capital before the end of 2015, chief executive Ashraf El-Ghamrawy said Wednesday. Thus, bank’s current paid-up capital, estimated at 895 million pounds, will hit one billion pounds.
El-Ghamrawy stated that Al Baraka Bank Egypt’s plan depends on keeping supporting its capital and raising it to 2 billion pounds.
He added that the bank aims at increasing its capital among the framework of its plan to finance large projects and pumping 2 billion pounds in Suez Canal Axis Development Project and East Port Said Port.
Moreover, Al Baraka Bank Egypt’s total volume of Murabaha, Mudaraba and Musharka for customers reached around 8.534 billion pounds at the end of June 2015 versus 8.462 billion pounds at the end of 2014.
