IDBE Studies Offering EGP 64 Mln To SMEs

Industrial Development and Workers Bank of Egypt (IDBE) disbursed EGP 57.5 million out of EGP 150 million, the total value of the three contracts signed with Social Fund for Development.

Hamdi Azzam, member of board of directors of IDBE, told Amwal Al Ghad that the Bank will approve new finances of EGP 64 million, noting that last April witnessed the largest volume of finances to SMEs as the lender disbursed EGP 48.273 million to 25 customers.

The total value of finances offered by the Bank to SMEs since September registered EGP 500 million; EGP 235 million for new customers and EGP 265 million as renewal agreements.

The Bank’s customers in SMEs sector increased to 200, up from 102 customers in last September.

Azzam added that the Bank approved offering EGP 5 million loan to a customer planning to have a food-franchise business, the first finance offered after signing the finance contract with Social Fund for Development with value of EGP 30 million.

The customer has an outlet selling food for factories and companies in Obour and plans to establish 20 outlets, equipped with fridges and all other requirements, Azzam added.

The Bank studied the projects and decided to give the customer 250,000 for each project after finalizing all procedures.