SMEs seize 18% of Misr Iran Bank’s credit portfolio

Small and medium-sized enterprises are representing 18 percent of Egypt-based Misr Iran Development Bank’s total credit portfolio of 7 billion Egyptian pounds ($386.6 million), managing director Amr Tantawi said Monday.

MIDB seeks to reach 20 percent at the end of the current year, Tantawi further told Amwal Al Ghad.

Founded in 1975, Misr Iran Development Bank has current shareholding comprising Egyptian government through the National Investment Bank (29.93 percent), private-public Misr Insurance Company (16.06 percent), Misr Life Insurance (13.87 percent), and Tehran-based state-run Iran Foreign Investment Company (40.14 percent).