The Industrial Development and Workers Bank of Egypt (IDWB) targets a 33% growth in its retail loan portfolio to hit EGP 150 million within the current year.
Hamdi Azzam, Executive Board Member at IDWB, said his bank’s anticipated expansions in granting personal finances and other loans related to natural gas delivery to homes will bolster its retail loan portfolio within 2014.
IDWB is also planning to secure EGP 250 million from the Central Bank of Egypt as pursuant to the recently-declared mortgage funding initiative.
CBE announced in February that it had allocated EGP 10 billion ($1.44 billion) to finance low-income housing projects, with the aim of boosting the construction and real estate sectors.
The money will be sent to banks, in the form of deposits, over a period of 20 years at low interest rates. Low-income citizens who qualify to benefit from the programme will be lent the money at yearly interest rate of 7% to 8%.