Egypt’s Industrial Development Bank finances 167 plants with $60.2mn

Egypt’s state-owned Industrial Development and Workers Bank (IDWBE) has offered finances of 1 billion Egyptian pounds ($60.2 million) to 167 plants since the launch of the funding initiative for small and medium-sized factories in May, according to Mubasher.

The initiative aims to finance 1,000 small and medium-sized factories with 7.5 billion pounds, a move to proved more than 20,000 job opportunities, according to a statement on Sunday.

During the first half of the current year, the bank’s operating profits rose to 222 million pounds from 140 million during the same period in 2018.

Moreover, IDB signed a cooperation protocol with the Executive Authority of the Free Zone of Port Said to provide industrial units with loans at an interest rate of 5 percent over a repayment period of ten years as part of the Central Bank of Egypt’s (CBE) initiative.