Arab Petroleum Investments Corporation demonstrates long-term commitment, increases Callable Capital to $8.5b

&NewLine;<p>At its Annual General Meeting&comma; AGM&comma; which held today&comma; April 20&comma;  Arab Petroleum Investments Corporation &lpar;APICORP&rpar;&comma; a multilateral development financial institution&comma; announced that its General Assembly has ratified a landmark increase in callable capital to USD8&period;5 billion as well as a significant increase in authorized and subscribed capital&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>The increase&comma; the largest in the Corporation’s history&comma; is based on the recommendation by APICORP’s Board of Directors&period;<br>A statement made available to OpenLife by Apo Group stated that the increase in the capital reinforces long-term commitment towards APICORP’s sustainable growth plans for the benefit of its member countries&period; The callable capital increase further bolsters APICORP’s financial sustainability and resiliency and its overall financial position&period;<br>The Corporation’s authorized capital was also increased to USD20 billion and subscribed capital to USD10 billion&comma; as well as transfer USD500 million from the Corporation’s general reserves and retained earnings into its issued and fully paid capital&period;<br>Commenting on the increase in capital&comma;&nbsp&semi;Dr&period; Ahmed Ali Attiga&comma; Chief Executive Officer&nbsp&semi;of&nbsp&semi;APICORP&comma; said&colon; &OpenCurlyDoubleQuote;As we enter the next stage of APICORP’s growth story and build upon its longstanding reputation as a trusted financial partner to the Arab energy industry&comma; the capital increase will enable APICORP to fulfil its policy mandate by continuing to deliver sustainable impact-driven development projects and supporting investment activities&period; I appreciate the shareholders’ strong confidence in APICORP and their willingness to support it in its journey to support the growth trajectory in the regional energy and petroleum industries sector&period;”<br>Dr&period; Sherif Elsayed Ayoub&comma; Chief Financial Officer of&nbsp&semi;APICORP&comma; said&colon; &OpenCurlyDoubleQuote;The capital increase serves as one of the cornerstones of APICORP’s growth plans as per our board-approved risk appetite and five-year corporate strategy&period; These include increasing our lending and investment capacity to better meet the ever-growing needs of our public and private-sector partners in the energy sector&period; This remarkable show of support from our member countries shall also cement APICORP’s profile as a financially strong&comma; well-capitalized&comma; highly-liquid and consistently profitable MDB&period;”<br>APICORP recently disclosed its financial results for the year ended 2019&comma; posting strong results including a 17&percnt; Y-O-Y increase in net recurring income to USD112 million&comma; up from USD96 million at year end 2018&period; APICORP’s strong profitability in 2019 was driven by Corporate Banking and Treasury and Capital Markets&comma; whose gross income increased 32&percnt; and 24&percnt; Y-O-Y to reach USD201 million and USD80 million&comma; respectively&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>APICORP &nbsp&semi;was established in 1975 by an international treaty between the ten Arab oil exporting countries<&sol;p>&NewLine;