Egypt’s Export Development Bank (EDBE) will initially spend 1 billion Egyptian pounds ($62 million) on new headquarters in the country’s new capital, its chairperson said on Sunday.
EDBE signed a deal with Engineering Group for Contracting (EGC) and the Armed Forces Engineering Authority to build the new headquarters, Mervat Sultan further told Amwal Al Ghad.
The new headquarters will be situated over 6,600 square metres, Sultan said.
The bank’s capital is 2.73 billion pounds approximately, she added. It has increased its authorized capital to 5 billion pounds from 2 billion pounds.
Its market share is estimated at about 1 percent in the Egyptian banking sector, yet its share of foreign trade operations stands at 7 percent, she said.