Cairo-based Industrial Development and Workers Bank of Egypt has allocated EGP 500 million (USD 82.7 million) to finance small and medium enterprises in Egypt until the end of 2012, a senior executive told Zawya.
The bank will disburse these loans through a fund it set up in October 2011 with EGP 140 million. It will add EGP 160 million to this fund this month and another EGP 200 million by the end of the year, chairman and managing director El-Sayed El-Kosayer said. The bank targets financing of 235 SMEs by the end of 2012, he said.
Industrial Development's SME loan portfolio currently stands at EGP 1.8 billion, from EGP 1.2 billion in October 2011.
By Mohamed El Agamy