IDBE’s SMEs Loans Rose To EGP 250 Mln

Industrial Development and Workers Bank of Egypt’s SMEs loans portfolio surged by EGP 106 million, registering EGP 250 million at the end of April, up from EGP 144 million in September 2011.

Hamdi Azzam, member of board of directors, told Amwal Al Ghad that the Bank plans to inject EGP 100 million in SMEs loans portfolio to register EGP 350 million by the end of 2012.

IDBE disbursed EGP 57.5 million out of EGP 150 million, the total value of the three contracts signed with Social Fund for Development at the beginning of this year.

Azzam added that the Bank studies approving 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.

Number of customers in SMEs sector increased to 200, up from 102 customers in last September, Azzam noted.

Azzam added that the Bank plans to sign two contracts this month with Social Fund for Development. The first contract is with value of EGP 50 million aiming at financing agricultural projects, food industries and animal resources production. The second contract is with value from EGP 20 million to EGP 25 million which will finance SMEs.