Egypt’s Industrial Development Bank eyes endorsing pending former budgets

The Industrial Development and Workers Bank of Egypt (IDWBE) is racing against the time to  endorse  budgets of 2012, 2013, 2014 by Central Bank of Egypt (CBE) and Accountability State Authority.

Hamdi Azzam – executive board member at IDWBE- told Amwal Al Ghad Monday that approving the budgets will provide new financing sources for the bank.

Seeking to get loans dedicated for small-sized projects, IDWBE has negotiated with international financial institutions, yet the latter conditioned the Egyptian bank to complete the endorsement of budgets of former years, the banking official stated. Therefore, IDWBE is in the process to ratify its budget for years 2012, 2013, and 2014.

By endorsing the budgets, IDWBE will be able to expand in the Egyptian market in 2016 through diversifying in all activities such as retail banking, small enterprises, and corporate loans, Azzam said.

The total volume of IDWBE’s both regular and non-performing portfolios reached 4.8 billion Egyptian pounds at the end of September 2015, the official clarified.

The non-performing portfolio of Egypt’s Industrial Development and Workers Bank recorded 1.5 billion pound.