IDBE funds 75,000 Micro- enterprises customers with 1bln pounds

Industrial Development & Workers Bank of Egypt has pumped funds of one billion Egyptian pounds to 75,000 Micro-enterprises clients , Maged Fahmy, the bank’s  chairperson  said.

He told Amwal Al Ghad that tha SMEs portfolio has reached 2.6 billion Egyptian pounds representing 32 percent of the bank’s total portfolio.

Fahmy further noted that the bank has pumped 500 million pounds as part of the SMEs portfolio and studying another funds of 500 million pounds with 5 percent interest.

The Industrial Bank was initially established in 1947 as a state owned joint stock company with a capital of 1.5 million pounds to provide specialized financing for the industrial private sector.

In November 2008 the Egyptian Workers Bank was merged into the IDBE under  the name of “The Industrial Development & Workers Bank of Egypt ” to create a stronger financial institution capable of providing distinctive banking services to the Egyptian economy .

Shareholders’ Structure Changed to become 84.4 % for Ministry of Finance, 3.3 % for Public Sector, 12.3 % for Private Sector .