Industrial Development bank to fund 45 clients with 60 mln pounds

Industrial Development & Workers Bank of Egypt (IDWBE) has approved funding 45 clients with EGP 60 million Egyptian pounds($3.4 million) as part of a protocol signed with Industrial Development Authority.

Tarek Galal Head of Small Enterprise Credit Sector said that the protocol aims to fund projects so that the beneficiaries could buy industrial units where the bank provide 75 percent of the total amount of the units with repayment period up to 10 years.

He added that the bank has allocated 225 million Egyptian pounds for 200 clients as part of the initiative.

Galal further noted that the bank has signed another protocol directed to develop the agriculture activity in Beheira governorate, aiminig to fund 300 clients with 150 million Egyptian pounds.

Industrial Development & Workers Bank of Egypt provides short, medium, and long term loans and facilities to industrial projects, financial engineering, and feasibility studies, documentary credits for importing equipments and raw materials, letters of guarantee with a preferential terms and financing local orders, and current accounts, saving certificates, saving accounts, deposits, and online services.