Industrial Development Bank: Total Funding for SMEs Hit EGP460mn in Q1

The Industrial Development and Workers Bank of Egypt (IDWB) reported EGP 460 million in its total finances for the SMEs during the first quarter of 2014.  In Q1/2013, the bank registered EGP 400 million in its total funding for the SMEs.

In this respect, Hamdi Azzam – Executive Board Member at IDWB – said his bank is due to sign within the next week an EGP 35 million contract with Egypt’s Social Fund for Development (SFD –Egypt). The contract will go for financing the owners of the partially-automated bakeries in Egypt so as to be diverted to fully automated systems, he noted.