Industrial Development Bank’s SME Finances Hit EGP 368 Mln At End-March

The Industrial Development and Workers Bank of Egypt has raised finances offered to small and medium-sized enterprises (SMEs) by EGP 18 million to reach EGP 368 million at the end of last March, compared to EGP 350 million at the end of 2012.

The bank plans to raise the value of the portfolio by 40% to reach EGP 500 million at least if the unstable situation in Egypt continues, said Hamdi Azzam, member of the board of directors of the bank.

He revealed to Amwal Al Ghad that the bank increased the number of its customers by 245% to reach 352 customers, up from 136 at the end of 2011.

The Industrial Development Bank has recently signed two agreements with the Social Fund for Development. One finance contact is worth EGP 75 million and will go for the current debit account and the second is worth EGP 25 million and will finance live stock and food industry projects, he added.

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