Industrial Development and Workers Bank of Egypt (IDBE) intends to sign a new contract with Social Fund for Development (SFD) with value of EGP 20 million to EGP 25 million to finance the small and medium enterprises (SMEs), young entrepreneurs, by next month.
Hamdi Azzam, member of board of directors of IDBE, told Amwal Al Ghad that the Bank targets signing another contract with value of EGP 50 million with SFD to finance agricultural projects, food industries and animal resources production.
Azzam added that the total value of finance contracts IDBE signed with SFD to finance SMEs registered EGP 190 million, noting that the new contract is the fifth one signed since last September.
IDBE decided to raise the funds from 180 million to 190 million due to the increasing demand on the lender’s funds.
