IDWB, SFD-Egypt to Ink Cooperation Protocol to Fund Bakeries Tomorrow

The Industrial Development and Workers Bank of Egypt (IDWB) will sign tomorrow a protocol on cooperation with Egypt’s Supply Ministry and the Social Fund for Development (SFD -Egypt). The protocol will go for financing the owners of the partially-automated bakeries in Egypt in order to be diverted to fully automated systems.

Speaking to Amwal Al Ghad on Wednesday, Hamdy Azzam – Executive Board Member at IDWB –  stated that his bank will obtain a funding amounting to EGP 35 million from the SFD, as pursuant to the anticipated protocol.

IDWB reported EGP 460 million in its total finances for the SMEs during the first quarter of 2014.  In Q1/2013, the bank registered EGP 400 million in its total funding for the SMEs.