Supporting Unofficial Sector Necessary To Economic Growth; El-Sayed El-Kosayer Says

The Industrial Development and Workers Bank of Egypt places small and medium-sized enterprises (SMEs) on the top of its priorities as they create a large number of job opportunities, said El-Sayed El-Kosayer, chairman of the bank.

On the sidelines of signing finance agreements with the Social Fund for Development (SFD) today, he called on the government to encourage unofficial sector to be official through innovating new mechanism and system that will mobilize the market and increase the state’s revenues.

The total value of finance contracts that the bank signed with SFD reached EGP 280 million offered to all economic sectors especially enterprises in Upper Egypt. The bank targets to cooperate with SFD to hold training courses to workers in food industries. The bank has financed 216 SMEs in 2012, raising the value of SME finance portfolio to EGP 350 million.