Egypt’s Industrial Development Bank seeks 3-year strategy for SMEs

Industrial Development and Workers Bank of Egypt (IDWBE) aims to draw up a 3-year strategy to develop its Small And Medium Sized Enterprises(SMEs) sector from 2016-19.

El-Sayed El-Kosayer -chairman- stated Tuesday the IDWBE is to develop the strategy in cooperation with Dutch financial and technical consultancy firm.

El-Kosayer made these remarks during his speech in the closing conference of Rural Income and Economic Enhancement Project (RIEEP) financed by African Development Bank (AFDB).

He added that the new strategy seeks making a plan to  identify the economic sectors targeted by the bank in Delta and Upper Egypt besides the targeted categories.

The bank is to focus mostly on the industrial and agriculture sectors in addition to the improvised districts within the upcoming period.

IDWBE also eyes additional finance sources from international authorities through Social Fund for Development (SFD), the head added.

El-Kosayer  clarified that bank’s portfolio of SMEs has achieved a growth of 350 % during the last three years.