Misr Iran Development Bank (MIDB)

Misr Iran Development Bank is jointly owned by the governments of Egypt and Iran. The bank was established in 1975 —before the Islamic Revolution in Iran— as an “Egyptian joint stock company.” The bank seeks to invest in project financing and short-term commercial activities. The bank’s authorized capital, according to the bank’s official website, is US $ 300 million. The Egyptian government owns 59.86 percent of the bank’s shares, through the National Investment Bank and Misr Insurance Company (a company partly owned by the Egyptian government). Besides, Iranian government owns 40.14 percent of the bank through Iran Foreign Investment Company. The bank’s board of directors consists of eight personalities, four from Egypt and four from Iran, one of whom is Dawood Danesh Jafari, the former minister for economic and financial affairs in Iran between 2005-2008.