IDBE to fund Al-Robeky city investors

Industrial Development & Workers Bank of Egypt seeks to fund the investors of Al-Robeky city through signing an agreement with the ministry of investments within the next two weeks, IDWBE chairman Maged Fahmy said.

He added during the 41st annual meeting of the African Central Bank  that financing these projects is part of the Central  Bank of Egypt initiative for SMEs.

The city aims at brining all leather tanneries, currently in Magra El-Oyoun, in one place to become an integrated city for leather. The state will bear the cost of transferring tanneries.

In 2014, former interim President Adly Mansour approved the allocation of 389.6 acres in eastern Cairo for the benefit of the Ministry of Industry for an industrial zone for leather tanneries.

Then in 2015, the Industrial Development Authority (IDA) allotted 330 million pounds of its annual budget for the Al-Robeky project