IDBE’s SMEs Portfolio Surged To EGP 280 Mln In June

By Administrator On Jun 28, 2012

The Industrial Development and Workers Bank of Egypt’s credit facilities portfolio offered to SMEs posted an increase of 200% reaching to EGP 280 million in the last nine months, up from EGP 140 million at the end of September 2011.

The number of the bank’s customers rose by 125% and the number of SMEs customers rose to 230 customers for the same period, compared to 102 customers in September 2011, a source told Amwal Al Ghad.

The bank is expected to sign two new contracts with the Social Fund for Development (SFD) next August to finance industrial sector, the source added.

As part of its plan to support and finance SMEs, the bank signed finance contracts worth EGP 180 million with SFD to finance projects of physicians and pharmacists, current debit account and industrial machines and equipments.