The Egyptian House of Representatives’ Economic Affairs Committee approved on Sunday a presidential decree for increasing Egypt’s authorized share of the International Bank for Reconstruction and Development’s (IBRD) capital stock. The package, approved by the Development Committee of the Board of Governors, consisted of $7.5 billion paid-in capital for IBRD and $5.5 billion paid-in capital for IFC, through both general and selective capital increases, as well as a $52.6 billion callable capital increase for IBRD. The boost in capital was offset by various reforms, including operational changes and effectiveness reforms, loan pricing measures, and other policy steps to create a stronger World Bank Group. The last World Bank capital hike happened in 2010. IBRD is one of the five World Bank Group institutions and functions as its main concessional lending arm.

Source: Egypt Independent January 27, 2020 10:18 UTC