Industrial Development & Workers Bank of Egypt has signed finance agreements with Social Fund for Development with value of 190 million to finance SMEs.
Hamdi Azzam, member at board of directors, told Amwal Al Ghad that the Bank decided to raise the funds from 180 million to 190 million due to the increasing demand on the lender’s funds.
Azzam s also said IDBE’s current account witnessed the highest demand, followed by physicians and pharmacists fund, then SMEs fund, adding that the bank allocated EGP 150 million divided equally on the three funds.
IDBE’s SMEs fund increased by EGP 70 million during 6 months registering EGP 213 million at the end of last March, compared with EGP 143 million in December 2011. Besides, IDBE targets increasing SMEs fund portfolio to EGP 350 million by the end of the current year.