The Industrial Development and Workers Bank of Egypt (IDBE) has finally approved the results of the first quarter of 2013 with net profit at EGP 32 million, compared to EGP 70 million the bank’s total profits at the end of 2012.
El-Sayed El-Kosayer, chairman of the bank has revealed to Amwal Al Ghad that his bank targets to increase the profits to EGP 130 million by the end of 2013.
The chairman had earlier emphasized that the bank eyes to increase paid-up and issued capital from EGP 500 million to EGP 3 billion, targeting the financial stability and improving the bank’s situation.
Moreover, he added that his bank is currently studying to pump Polyethylene loan US $ 1.250 billion, which is the biggest loan arranged for the Egyptian market.
The loan will establish ethylene and polyethylene settlements in Alexandria as the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire have provided preliminary loan at US $ 240 million so as to open credit approval for the general contractor for the project implementation.