APICORP to raise its callable capital to $8.5bn

The Arab Petroleum Investments Corporation (APICORP) has announced that its General Assembly has ratified a landmark increase in callable capital to $8.5 billion, as well as a significant hike in authorized and subscribed capital. 

The increase is the largest in the multilateral development financial institution's history.  Its authorized capital was increased to $20 billion and subscribed capital to $10 billion. A total of $500 million will also be transferred from APICORP's general reserves and retained earnings into its issued and fully paid capital.

APICORP recently disclosed its financial results for the year ended 2019, posting a a 17% year-on-year increase in net recurring income to $112 million, up from $96 million at year end 2018.