Egypt’s Industrial Development Bank, SFD to ink New Financing Pact This February

By Yomna Yasser On Jan 31, 2015

The Industrial Development & Workers Bank of Egypt (IDWBE) will be signing next February a new financing agreement with Social Fund for Development (SFD), bank chairman announced Saturday.

According to Hamdi Azzam – IDWBE’s Executive Board, the new financing contract will at value of 50 million Egyptian pounds (US$6.6 million).

Speaking to Amwal Al Ghad on Saturday, the new financing package is designated to fund industrial projects, small businesses, and SFD’s current debit account.

IDWBE’s portfolio of direct and indirect financing for small and medium-sized enterprises had reached 600 million pounds by end of September 2014, targeting growth rates of 25-30% within 2015, the banking official noted.