Cairo – Industrial Development Bank (IDB) has offered funding of about EGP 1 billion to 167 plants since the launch of the funding initiative for small-and medium-sized factories in May.
The initiative aims to finance 1,000 small-and medium-sized factories with EGP 7.5 billion in a move that will create more than 20,000 jobs, according to a statement on Sunday.
During the first half of 2019, the lender’s operating profits reached EGP 222 million, compared to EGP 140 million in the prior-year period.
Moreover, IDB signed a protocol of cooperation with the Executive Authority of the Free Zone of Port Said to provide industrial units with loans at an interest rate of 5% over a repayment period of ten years as part of the Central Bank of Egypt’s (CBE) initiative.
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