Industrial Development Bank Considers Financing 3 Franchises With EGP 10 Mln

The Industrial Development and Workers Bank of Egypt plans to offer three franchises selling food and garments finances ranging from EGP 8 million to EGP 10 million.

The bank withdrew EGP 10 million from the Social Fund for Development (SFD) under the EGP 30 million agreement they recently signed, said Hamdi Azzam, member of the board of directors of the bank.

The bank places small and medium enterprises (SMEs) on the top of its priorities, he added. The bank targets to raise the SME finance portfolio to EGP 500 million at least, up from EGP 350 million the last year.

The bank raised the number of its customers by 245% to reach 352, up from 136 at the end of 2011.

It is worth noting that the bank signed two finance contracts with SFD worth EGP 10 million last week to finance the current debit account and agricultural activities.