The Industrial Development and Workers Bank of Egypt is in talks with the Commercial International Bank (CIB) to tap into the foreign loans received by the bank to finance small and medium enterprises (SMEs).
Sources said the Industrial Development Bank targets to cooperate with CIB in two agreements which are investment in rural regions and veteran services because of the increasing demand for agricultural financing products.
The bank also received a loan worth US$ 20 million from the National Bank of Egypt (NBE) to finance SMEs under the environmental compliance agreement. In addition, the bank negotiates with the Ministry of International Cooperation and Ministry of Industry to tap into foreign loans and grants.
The bank’s SME finance portfolio reached EGP 325 million at the end of last November, compared to EGP 144 million at the end of 2011.
