IDWBE secures EGP20 million for Egypt’s Micro-sized Projects

Industrial Development & Workers Bank of Egypt (IDWBE) will secure 20 million Egyptian pounds (US$2.6 million) for Egyptian Association for Finance, aiming to support the country’s micro-sized projects.

From his part, Hamdi Azzam – Executive Board Member at IDWBE – asserted to Amwal Al Ghad that Egypt’s micro-sized projects are major concern for the bank. Therefore, the bank funds civil societies and organisations for microfinance activities. IDWBE’s loans granted to those societies and organizations reached so far 115 million pounds, he added.

The loans are distributed as; 55 million pounds for Assiut Bussinessmen Association (ASBA), 40 million pounds for Alexandria Business Association (ABA), and the newest 20 million pounds for the Egyptian Association for Finance, he noted.

Moreover, the banking official said IDWBE targets high growth rates for small and microfinance activities. The bank seeks to register EGP 1 billion worth of small and micro-sized loan portfolio by end of 2017 to serve around 2000 clients, Azzam elaborated.