Misr Iran Development Bank has received EGP 50 million as the first tranche of the loan agreement that it recently signed with the Social Fund for Development which is worth EGP 100 million to finance small and medium enterprises (SMEs).
Sources said the bank has started financing SMEs for the first time last month by offering EGP 3 million to a number of customers.
The bank targets to offer EGP 50 million in the current year as a real start for the bank to expand in financing these enterprises which achieve many services for the community such as creating job opportunities for youths with low costs.
It is worth mentioning that the bank’s loan portfolio registered EGP 4 billion at the end of 2012, and the lender targets to increase the loan portfolio by EGP 5 billion in 2013.
The bank achieved profits of EGP 300 million before deducting provisions and taxes at the end of 2012, compared to EGP 148 million at the end of June 2012.
