|18 August, 2019

Egypt's Industrial Development Bank offers funding to 167 plants

The initiative aims to finance 1,000 small-and medium-sized factories

Image for illustrative purposes. Egyptian construction workers build new houses in El Maraj city at New Maadi, south of Cairo September 30, 2012.

Image for illustrative purposes. Egyptian construction workers build new houses in El Maraj city at New Maadi, south of Cairo September 30, 2012.

REUTERS/Amr Abdallah Dalsh

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.

Source: Mubasher

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