IDBE Seeks International Loans For SMEs

The Industrial Development and Workers Bank of Egypt is conducting negotiations with the Ministry of International Cooperation and the Ministry of Industry in order to tap into the international loans and grants for financing small and medium enterprises (SMEs).

El-Sayed El-Kosayer said the bank’s net profit registered an increase of 700%, reaching EGP 36 million, at the end of last August, compared to August 2011.

The bank’s portfolio of SME finances grew by 112% and the number of customers increased by 130% after offering financing packages of products and programs that cater the needs of all customers and injecting finance amounting to EGP 160 million to SMEs portfolio.

The bank’s retail banking sector grew by 440%, thanks to improving and diversifying the retail banking programs and products offered by the bank. Besides, the bank settled non-performing loans amounting to EGP 478 million, and in exchange the lender received EGP 80 million cash till now.