Industrial Development & Workers Bank of Egypt announced that its SMEs finance portfolio grew by 42.4% or EGP 61 million registering EGP 205 million at the end of last February, compared with EGP 144 million at the end of last September.
Hamdi Azzam, member of Board of Directors at the Bank, told Amwal Al Ghad that IDBE approved offering EGP 40 million funds for 70 customers to finance SMEs next April. IDBE signed four finance agreements with Social Fund for Development at the beginning of this year to finance SMEs with EGP 180 million.
IDBE studies providing installment sale offers for SMEs by the second quarter of the current year which will enable customers to buy the equipments needed for their SMEs and pay in installments, Azzam added.
In addition, IDBE plans to achieve 200% growth in SMEs finance unit this year.