Industrial Development bank launches an initiative to finance 1,000 factories

Egypt’s state-run Industrial Development and Workers Bank (IDWBE) announced that the bank launched an initiative to finance 1,000 factories with an amount worth 5 to 10 million Egyptian pounds per factory, according to its Vice-Chairman Hamdy Azzam.

He told Amwal Al Ghad that the initiative aims to provide 20 thousand  job opportunities and will add to the bank’s portfolio about 7.5 billion pounds.

He pointed out that the bank’s loan portfolio rose from 4 billion pounds by the end of 2014 to 9.9 billion pounds by the end of 2018.

He continued that the bank seeks to increase the network branches to 50 branches during the next five years compared to 18 branches currently.