Industrial Development & Workers Bank of Egypt‘s direct loans’ portfolio raised with EGP 600 million, registering EGP 3.8 billion at the end of February, up from EGP 3.2 billion in last September.
Hamdi Azzam, member of board of directors, said that IDBE plans to raise direct loan portfolio to EGP 4 billion by the end of the second half of the current fiscal year.
The total value of loan portfolio reached EGP 4.4 billion; EGP 600 million of which are indirect loans (letters of credit and letters of guarantee).
Bank’s plans do not include arranging syndicated loans, Azzam noted, adding that IDBE is planning to expand in financing SMEs by raising its portfolio by 200% from last year’s rate which reached EGP 200 million.
IDBE is focusing on financing feeding and petrochemicals industries as they contribute in increasing exports and reducing unemployment rates.
