IDBE Settles EGP 450 million for 62 customers

Industrial Development & Workers Bank of Egypt succeeded to settle 62 nonperforming clients valued at EGP 450 million by the end of April.

Hamdi Azzam, a board member, said the bank targets during the coming period to settle 25% of the non-performing debt’s portfolio, ranging from 1. to EGP 1.7 billion.

Azzam said that the bank is in talks with a number of defaulting customers to develop better solutions for both parties.

He also affirmed that the bank aims to achieve high growth rates during 2012, through expanding in financing small and medium enterprises and increasing the size of the portfolio by 25% i.e with EGP 250 million by the end of April.