Egypt’s state-run Industrial Development and Workers Bank (IDWBE) has provided 1.2 billion Egyptian pounds to fund 100.000 the clients with micro businesses, according to Tarek Galal the Head of SMEs sector at IDWBE.
He added that the bank has allocated a sum of 50 million Egyptian pounds, from a fund of 100 million pounds which it has obtained from Micro, Small and Medium Enterprise Development Agency (MSMEDA), to an association in the category “C”.
Egyptian Financial Supervisory Authority – EFSA has ranked NGOs and institutions into three categories according to Microfinance portfolio size, with the category “C” for NGOs and institutions of portfolio less than 10 million pounds.
The bank has funded number microfinance companies such as Tasaheel and tamweely that has received 50 million Egyptian pounds recently.
It seeks to increase SMEs funds to 5 billion Egyptian pounds during 2019.
The bank achieved a profit of 302 million pounds during the first 10 months of 2018, and aims to reach between 360 million pounds to 400 million pounds in case the it doesn’t sell its assets by the end of 2018.