Emirates Industrial Bank (EIB) board yesterday approved loans and facilities totalling Dh92.5 million sanctioned this year for seven industrial projects.

Also, the first instalment of the bank's increased capital has been collected from shareholders to raise the capital by Dh600 million. This is to be collected over a period of six years starting this year.

The bank held its board meeting under the chairmanship of Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs.

The board further approved the directors report on the bank's activities for the year ended 31 December 2001 and the external auditors report, both of which will be submitted to the general assembly.

The bank's deposit limits with other commercial banks was also approved along with the rescheduling of instalments for one of the clients.

"The board blessed the EIB staff initiative to donate a day's salary to support the Palestin-ians," said the bank.

The next board meeting will be convened in the second half of June.