Industrial Development Bank’s SME Finance Portfolio 141% Up In 2012

The Industrial Development and Workers Bank of Egypt’s SME finance portfolio grew by 141% to reach EGP 350 million at the end of 2012, compared to EGP 144 million at the end of 2011.

The bank raised the number of its customers by 245%, raising its customer base to 352 customers, compared to 136 customers at the end of 2011, said Hamdi Azzam, member of the bank’s board of directors.

Azzam revealed to Amwal Al Ghad that the bank has approved to inject new finance worth EGP 10 million to six customers, raising the value of loan portfolio to EGP 360 million, he added.

The bank disbursed about EGP 100 million of the total value of the four contracts it signed with the Social Fund for Development (SFD) which are worth EGP 160 million.

The bank has offered physicians and pharmacists EGP 25 million finance and injected EGP 37.5 million to the debit current account and EGP 35 million to all industrial activities.