Industrial Development and Workers Bank of Egypt (IDWE) approved offering EGP 5 million loan to a customer planning to have a food-franchise business, as part of the lender’s efforts to finance SMEs.
Hamdi Azzam, member of board of directors of the Bank, told Amwal Al Ghad that this is the first finance offered after signing the finance contract with Social Fund for Development with value of EGP 30 million.
The customer has an outlet selling food for factories and companies in Obour and plans to establish 20 outlets, equipped with fridges and all other requirements, Azzam added.
The Bank studied the projects and decided to give the customer 250,000 for each project after finalizing all procedures. Social Fund for Development will send a delegation to the customer’s outlet on Sunday to know more about his business.
Azzam affirmed that the Bank’s target in the upcoming period is focusing more attention to SMEs because of its effective role in increasing national income and creating job vacancies with low-cost projects.
