IDWB Grants EGP40mn Credit Facilities to Alexandria Businessmen Association

Alexandria Businessmen Association (ABA) obtained EGP40 million credit facilities from the Industrial Development and Workers Bank (IDWB) in order to finance micro projects.

The Executive Director of ABA Moataz El Tabaa told Amwal Al Ghad that the cooperation with IDWB is the first business between the bank and ABA.

ABA get credit facilities worth EGP280 million from the National Bank of Egypt and AlexBank ( Bank Of Intesa Sanpaolo Group ) in order to finance micro projects dividing between the two banks with EGP140 million for each bank.

The total financing of ABA for micro projects are around EGP647 million, 209 thousand projects benefited from it within the first 9 months of this year.

ABA is targeting to achieve EGP990 million finance at the end of 2014, stressing that the Association has financed 128.000 loans worth EGP88 million in September only.

Furthermore, ABA is aiming to inaugurate 3 new branches this year one of them in Al-Sharqia governorate, becoming 63 branches by the end of 2014.