IDBE To Sign Finance Agreements Worth EGP 250 Mln With SFD

The Industrial Development and Workers Bank of Egypt plans to sign finance agreements worth EGP 250 million with the Social Fund for Development (SFD) in 2013 to finance small and medium enterprises (SMEs).

The bank has met a delegation from SFD last week and they agreed to divide the finance into two tranches each worth EGP 125 million, said Hamdi Azzam, member of the bank’s board.

SFD targets to offer the first tranche in the current month through signing an agreement worth EGP 10o million to finance debit current account and another agreement worth EGP 25 million to finance food industries. The agreements of the second tranche will be signed by the second half of 2012.

The bank’s SME finance portfolio grew by 141% to reach EGP 350 million at the end of 2012, compared to EGP 144 million at the end of 2011.

The bank succeeded in disbursing about EGP 100 million of the total value of the four agreements it has recently signed with SFD which are worth EGP 160 million.