IDWBE bank to pump 1 bln pounds in Egypt’s SMEs initiative

Egypt’s state-run Industrial Development and Workers Bank (IDWBE) seeks to pump One billion Egyptian  funds of into small and medium-sized businesses, with interest rates of 5 percent, 7 percent and 12 percent  according to Tarek Galal the Head of SMEs sector at IDWBE.

The funds are in line with the Central Bank of Egypt’s SMEs initiative, IDWBE’s Vice Chairman Hamdy Azzam said on Wednesday.

He told Amwal Al Ghad that it has already disbursed 600 million Egyptian  pounds of them.

In 2016, the central bank sent its directives to the Egyptian banks to give out 20 percent of their total loans portfolio to SMEs. This will provide 350,000 SMEs with 200 billion pounds in four years at 5 percent interest rate.