IDB pumps EGP 2.1bn into 205 factories among its initiative

Egypt’s state-run Industrial Development Bank has offered funding of about 2.1 billion Egyptian pounds to 205 among the “Thousand Factories” initiative, according to its Vice Chairman Hamdy Azzam.

IDB seeks to pump  5.5 billion pounds  during the upcoming period to support small-and medium-sized factories, he added.

The bank has launched the initiative that aims to finance 1,000 small-and medium-sized factories with 7.5 billion pounds in a move that will create more than 20,000 jobs.

Azzam added that e bank’s portfolio of small and medium-sized projects registered 3.5 billion pounds by the, as a result of transferring a portfolio of 500 million pounds from medium companies to large companies.

He noted that He continued that the bank’s performing loans portfolio increased to 12 billion pounds at the end of the year, with a growth rate of 38 percent.

The bank’s unaudited net profit has reached 512 million pounds by the end of 2019 compared to 300 million pounds by the end of 2018, azzam explained.