IDWBE Considers Granting EGP20 mln Loan to ABA for Micro-Projects

Industrial Development &Workers Bank of Egypt (IDWBE) is considering granting Alexandria Business Association (ABA) loan worth EGP20 million in order to re-lending in micro sized projects.

Hamdi Azzam – Executive Board Member at IDWBE said the main purpose from the financing is to make the best use of customers base and for the bank’s expansion in micro sized projects.

He explained that the bank pumped EGP25 million in favor of Assiut Business Association (ASBA) during the last year in order to re-financing for micro projects.

The total IDWBE’s funds for micro and medium sized projects reached EGP450 million within 2013 compared to EGP350 million in 2012-end.

The bank is aiming to obtain fresh financing package for these projects after getting EGP100 million divided to contract worth EGP75 million for the current account in debtor, and to launch new one with EGP25 million for livestock and foodstuff projects  in the light of the bank’s expansion for financing the sector.