The Industrial Development and Workers Bank of Egypt (IDBE) targets to sign finance contact worth EGP 25 million with the Social Fund for Development (SFD) to finance agricultural projects, food industry and livestock production.
SFD had sent their approval over the new finance contract, said Hamdi Azzam, board member at the bank. The total value of finance contracts the bank signed with SFD registered EGP 190 million directed to finance small and medium enterprises (SMEs). This is the fifth finance contract with SFD since September 2011, he added.
The bank decided to bring into effect another finance contract worth EGP 10 million to meet the increasing demand on the bank’s products and services.
The total value of finances the bank injected to SMEs reached EGP 290 million by the end of the first half. The bank targets to increase these finances to EGP 450-500 million.
The bank has injected about EGP 500 million to SMEs since last September; of which EGP 265 million used in renewal contracts and EGP 235 million directed for new customers.