IDBE: Volume of SMEs’ Indirect Funds Reached EGP80 mln In April

The volume of the indirect funds  provided by the Industrial Development & Workers Bank of Egypt (IDBE) for the small and medium enterprises (SMEs) , reached EGP 80 million last April.

Hamdi Azam, board member at IDBE, said to “Amwal Al Ghad” that most of these funds based on submitting letter of guarantee and letter of credit regarding small and medium enterprises in the industrial and contracting sectors.

The portfolio of SMEs’ funds at IDBE recorded EGP 400 million last April compared to EGP 350 million by the end of 2012 as it achieved a rise worth EGP 50 million during the last 4 months.

The IDBE aims to make the portfolio volume reach EGP 500 million as minimum in case that the growth rate did not settle at 40%. Moreover, it owns 12 programs for the customers of SMEs as the bank aims to fulfill customers’ needs, facilitating the procedures of projects establishments.