Industrial Development Bank pumps $2mn into micro-finance associations

The Industrial Development and Workers Bank of Egypt (IDWBE) has granted 16 million Egyptian pounds (US$2 million) to a micro-finance association, executive board member Hamdi Azzam announced Saturday.

IDWBE is studying granting new finances worth 16 million pounds in favour of one of the micro-finance associations so that the latter would support their clients, the official said.

The total volume of IDWBE’s portfolio for Small and Medium-sized Enterprises (SMEs), direct and indirect micro enterprises has been increased from 300 million to 600 million Egyptian pounds in the last two years.

Industrial Development and Workers Bank has attained profits estimated at 65 million Egyptian pounds at the end of first half of 2015, Azzam stated. The bank targets boosting net profit to 100 million Egyptian pounds at the end 2015.