Misr Iran Development Bank to sign EGP 100 m contract with Social Fund next week

Misr Iran Development Bank will sign EGP 100 m contract with Social Fund for Development next week to finance and support SMEs.
Essam El-Korashy, general manager of SMEs development Group, said that the Social Fund aims at signing contacts with another banks, but he refused to name them until reaching final agreements.

El-Korashy added that the Social Fund targets financing banks with EGP 1.1 billion this year, while the volume of funds was EGP one billion last year.

The Social Fund signed a number of contracts with banks to finance SMEs, four of which with the Industrial Development & Workers Bank in value to EGP 180 million, two of which with Bank For Development & Agricultural Credit Fund in value to EGP 150 million and two contracts with Audi Bank in value to EGP 35 million.

Amwal Alghad