IDWBE Aims to Achieve EGP565 mln Finance for SMEs by 2014-End

By Salma Ayman On Feb 20, 2014

The Industrial Development and Workers Bank of Egypt (IDWBE) is seeking to attain EGP565 million financing portfolio for Small and Medium sized projects by the end of 2014, against EGP450 million at the end of 2013.

Hamdi Azzam, member of the bank’s board of directors has informed Amwal Al Ghad that the payment operations are walking regularly and it is expected to become EGP150 million within the current year.

Azzam explained that IDWBE tries to sign fresh finance contracts with Social Fund for Development (SFD) to obtain loans worth EGP200 million by the next month for funding small and medium projects.

IDWBE obtained EGP100 million from SFD during the last year divided between EGP75 million contract for the current debt account and other contract with EGP25 million for finance livestock and food processing.

It is worth mentioning that Finance portfolio of IDWBE for small and medium sized projects boosted to EGP450 million at the end of 2013 against EGP350 million at 2012-end.