IDWB Pumps EGP200 mln to Support Its Allocation Gap

Hamdy Azzam, board member of the Industrial Development and Workers Bank(IDWB) said the bank pumped EGP200 million for supporting the gap of allocations within 2013.

Azzam explained in an exclusive to Amwal Al Ghad that IDWB has an ambitious plan in order to fill completely the gap of allocations during 2014.

He added that the bank pumped EGP1.1 billion to fill the allocations gap which up EGP1.6 billion within the last two years through subordinated loans which obtained by the Central Bank of Egypt (CBE) along with non-distributing the profits so as to reduce the allocations gap to EGP200 million.

He pointed out that his bank succeeded to double its profits during the last year as it exceeded EGP150 million at the end of 2013, against EGP70 million in 2012-end.

The profits increased as the value of the bank’s financing for small and medium sized projects registered EGP450 million at the end of 2013, compared to EGP350 million in 2012-end, in addition the increase of personal loans that up EGP150 million at 2013-end against EGP19 million at the end of 2011, move up by EGP131 million.