Industrial Development & Workers Bank of Egypt (IDWBE) will sign next month loan agreements of EGP 200 million with Egypt’s Social Fund for Development (SFD). As pursuant to the agreement, the bank shall obtain loans, designed to finance small and medium-sized enterprises, notably the industrial ones.
Hamdi Azzam – Executive Board Member at IDWBE – told Amwal Al Ghad’s Arabic website on Wednesday that his bank has held a number of meetings with the SFD this month, in order to discuss terms and conditions of the loans.
Last year, IDWBE received loans worth EGP 100 million from the SFD through two funding contracts. The first contract – worth EGP 75 million – was dedicated for the current debit account for all industrial, productive and service projects; whereas the second one – amounted to EGP 25 million – was designated to finance livestock and industrialization projects.