IDBE Launches Educational Loan By Next Academic Year

The Industrial Development and Workers Bank of Egypt (IDBE) has set the final form of the educational loan to be launched in the Egyptian market by the beginning of the next academic year.

The new product will finance individuals with up to EGP 15,000, targeting the medium-segment customers who wish to send their children to private schools, said Hamdi Azzam, board member at the bank.

The total value of the retail banking portfolio reached EGP 90 million at the end of the first half of the current year and the bank targets increasing this value to EGP 150 million by the end of the current year, he added.

The bank achieved profit of EGP 30 million for the first time after eight years of successive losses.