Central Auditing Agency to Adopt IDWBE’s Budget of 2010 by May

By Salma Ayman On Apr 17, 2014

Senior sources have informed Amwal Al Ghad that ‘Industrial Development and Worker’s Bank of Egypt’ (IDWBE) reached to final agreement with the Central Auditing Agency (CAA) to approve its budget of 2010 by May, this after rejecting the adoption more than once as there is a gap in the bank’s allocations.

The sources said IDWBE has pumped EGP1.1 billion to fill the allocations’ gap which is ranging between EGP1.5 billion and EGP1.6 billion within the two previous year as result of supported loans which obtained by the Central Bank of Egypt (CBE).

The bank owns ambitious plan which aims to fill the allocation gap by the end of the ongoing year through the detention 2013 and 2014 profits, Sources added.

IDWBE attained EGP155 million at the end of 2013, against EGP70 million in 2012.

Furthermore, the bank is targeting achieving EGP175million during the current year, compared to EGP155 million in 2013.