Industrial Development Bank Negotiates With NBE, CIB Over Foreign Loans

The Industrial Development and Workers Bank of Egypt is currently conducting negotiations with the National Bank of Egypt (NBE) and Commercial International Bank (CIB) to tap into the foreign loans they received to finance small and medium enterprises (SMEs).

Sources said the bank plans to sign a protocol of cooperation with NBE to benefit from the French Development Agency’s loans allocated for improving education and health in Egypt for Q1 of 2013.

The bank will send its financial statements to CIB to benefit from the funds allocated for investment in rural areas as the Ministry of International Cooperation did not respond till now to the bank’s request to receive part of the foreign loans and grants, sources added.

The Industrial Development Bank has also received a loan worth US$ 20 million from NBE under the environmental compliance agreement to finance SMEs.

Sources revealed that NBE is managing a finance worth EGP 55 million offered from the Industrial Development Bank to a cleaning company to establish a waste recycling factory.

The Industrial Development and Workers Bank of Egypt achieved operating profit before deducting taxes of EGP 70 million at the end of 2012, after nine years of successive losses.

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