Egypt’s Industrial Development Bank in talks for new SMEs financing

Egypt’s state-run Industrial Development and Workers Bank (IDWBE) says it was negotiating with the Social Fund for Development over a new financing package for small and medium-sized projects.

IDWBE seeks to secure a financing worth 100 million Egyptian pounds ($11.2 million) from the SFD, the bank’s executive board member Hamdy Azzam told Amwal Al Ghad on Wednesday.

The financing will be divided into 35 million pounds to finance owners of bakeries 65 million pounds for micro-sized projects in the country, Azzam said.

IDWBE’s portfolio of small and medium-sized projects nears one billion pounds, the banking official added.