IDWBE Grants EGP25 mln to Fund Micro-Projects in Assiut

Industrial Development & Workers Bank of Egypt (IDWBE) granted Assiut Business Association (ASBA) EGP25million funding during the last week in order to restore funding for micro-projects.

The main purpose of funding is to make the best use of ASBA’s customers’ database and the expansion of the bank to fund micro-projects through the cooperation with the Non-governmental organizations (NGOs), said Hamdy Azzam, Chairman of the board of Directors of IDWBE.

Azzam informed Amwal Al Ghad that his bank has recently signed two contracts with the Social Fund for Development (SFD) worth EGP100 million, divided between EGP75 million for funding the current account debtor including cash withdraw and deposit aside another contract worth EGP25 million to finance livestock projects and the food processing.

The total funding of IDWBE for small and medium-sized projects attained EGP426 million at the end of September 2013, against EGP350 million at the end of 2012.

The bank hit EGP34 million profits, against EGP70 million at the end of June 2013, move up by EGP104 million.