Industrial Development Bank Seeks Cooperation With Industrial Authorities

The Industrial Development and Workers Bank of Egypt targets to sign a protocol of cooperation with a number of authorities which are subsidiary to the Ministry of Industry and the Industrial Modernization Centre (IMC). The protocol stipulates that the bank offers financial support and the Ministry offers technical support and training for small and medium enterprises (SMEs).

The bank plans to cooperate with the Industrial Development Authority through financing projects which are licensed by the Authority, said Hamdi Azzam, member of the board of directors of the bank.

In addition, the bank is in talks with the Ministry of International Cooperation to tap into the foreign loans and grants allocated for SMEs.

The bank raised the value of SME finance portfolio by 141% to reach EGP 350 million at the end of 2012, compared to EGP 144 million at the end of 2011.

The bank increased the number of its customers by 245% to reach 352 customers, compared to 136 customers at the end of 2011.