The Industrial Development and Workers Bank of Egypt signed two finance contracts worth EGP 100 million with the Social Fund for Development (SFD) to finance small and medium-sized enterprises (SMEs).
The first contract, worth EGP 75 million, will finance the current debit account for all industrial, productive and service projects.
The second contract, worth EGP 25 million, will finance agricultural production and industrialization as well as live stock projects through finance from African Development Bank.
The protocol will provide finance to about 2,000 small enterprises and 35% of which will go for women. The protocol signing event was attended by Ghada Wali, secretary general of SFD, and El-Sayed El-Kosayer, chairman of the bank.
The protocol was signed by Hamdi Azzam, member of the board of directors of the bank, and Nevine Gamea, head of SME sector.