Industrial Development Bank To Lend Youths EGP 25 Mln For Agricultural Projects

The Industrial Development and Workers Bank of Egypt is in talks with the Social Fund for Development (SFD) to receive a loan worth EGP 25 million to be granted to youths working in the fields of agriculture and food industries, said El-Sayed El-Kosayer, chairman of the bank.

The owners of small and medium-sized agricultural projects can receive a loan ranges from EGP 500,000 to EGP one million. After receiving the loan from SFD, the bank will set the loan conditions, terms, interest rates and grace periods, according to Al Ahram.

EL-Kosayer added that the bank is about to receive an Islamic banking license to conduct sharia-complaint transactions in one branch or to offer certain Islamic banking products in all branches of the bank.