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Wednesday, 22 April 2020

Apicorp to increase callable capital eightfold to USD 8.5 bn

Apicorp to increase callable capital eightfold: Arab Petroleum Investments Corporation (Apicorp) shareholders have given the go-ahead to increase the development bank’s callable capital to USD 8.5 bn from USD 1 bn to support investments in the energy sector, it announced in a statement (pdf). The lender will also bump up its authorized capital to USD 20 bn and subscribed capital to USD 10 bn. “The capital increase will enable Apicorp to fulfil its policy mandate by continuing to deliver sustainable impact-driven development projects and supporting investment activities,” CEO Ahmed Ali Attiga said. This comes a week after the bank reported a 17% increase in net profits to USD 112 mn in 2019.

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