Industrial Development Bank aims settling 25% of irregular debts this year

Industrial Development & Workers Bank of Egypt (IDWBE) offered his strategy to the Central Bank of Egypt (CBE) in their meeting on past Wednesday. The strategy focuses on settling debts in default and improving SMEs.

El-Sayed El-Kaseer, Chairman of IDWBE, said that the strategy has two basic parts. The first part is settling 25% of irregular debts in value to EGP 17 billion, noting that the total value of direct and indirect debts portfolio recorded EGP 4.2 by the end of December 2011. The second point is improving SMEs as well as achieving growth rates 200% up from the past year in value to EGP 210 million.

IDWBE achieved about an EGP 400 million increase in the direct debts portfolio, to reach EGP 3.6 billion by the end of past December, compared with EGP 3.2 billion in past September.

Amwal Alghad