Egyptian company for finance raise shares worth 250 million

The National Bank of Egypt decided to establish the Egyptian Company for Finance and Investment with a capital of 250 million pounds, including 200 million for local subscription and 50 million to be specified for Egyptian workers abroad.

Mahmoud Abdel Aziz, the chairman of the national bank's board of directors, told ArabicNews.com that this company is one of the biggest private holding companies in Egypt and that it aims at increasing the volume of local investment in new industrial communities and attracting foreign investments.

He also said the bank will open branches in South America, China and Japan to create channels of cooperation with these countries in addition to establish a research center related to the Egyptian market to provide necessary information regarding the movements of exports and imports.