Industrial Development Bank Delays Signing Agreements With SFD

The Industrial Development and Workers Bank of Egypt has delayed signing finance contracts slated to be sealed today with the Social Fund for Development (SFD).

The bank was about to sign a contract worth EGP 75 million after reducing its value from EGP 100 million that will finance the current debit account as well as another contract worth EGP 25 million that will finance livestock and food industries projects, said Hamdi Azzam, member of the board of directors of the bank.

The bank targets to receive EGP 125 million finance from SFD in the second half of 2013, he added.

The bank’s SME finance portfolio rose 141% to reach EGP 350 million at the end of 2012, compared with EGP 144 million at the end of 2011, he revealed.

He added that the bank has raised the number of its customers by 245% to reach 352 at the end of 2012, compared with 136 at the end of 2011.

In addition, the he bank targets to increase the value of its portfolio to EGP 500 million with a growth rate of 40%.