Egypt’s Export Development Bank Eyes 10% Growth in Loans, Deposits in FY15

The Export Development Bank of Egypt (EDBE) targets a 10% growth in its loans and deposits portfolios by next fiscal year.

In this respect, the bank is planning to hold its ordinary general meeting by the end of this June so as to endorse its estimated budget for the next fiscal year 2015, which includes the 10% growth.

As pursuant to the FY2015 budget, EDBE aims to register a net profit before tax amounting to EGP 432.5 million. The bank also seeks to increase its financing for the small and medium-sized projects (SMEs) by 35% to reach EGP 500 million according to the budget.

Moreover, EDBE plans to register EGP 16.5 billion in its clients’ deposits by FY2015 in addition to inaugurate 7 new branches in the country.