National Bank for Development (NBD) was incorporated in June 1980 as a Bank with a capital of L.E 50 million. NBD's Authorized Capital has been raised to L.E. 500 million and the paid up capital to L.E 281.9 million. NBD participates in the economic development operations in Egypt on the private sector's level through establishing and financing development projects in different economic sectors. The Bank started its activities with 13 branches out of which two were Islamic. Aiming towards the implementation of regional development goal on both the social and economic levels, the NBD has established 16 regional banks distributed among the different governorates. In 1993 all regional banks merged with NBD which currently provides its banking services through 71 branches out of which 18 are Islamic branches.