IDB to fund 54 plants in Port Said

By: Islam Fadl

Cairo – Mubasher: Industrial Development Bank (IDB) aims to inject funding worth EGP 216 million to 54 factories in the free zone of Port Said before the end of 2019, the lender’s deputy chairman Hamdy Azzam said.

Each factory will be financed by EGP 3-4 million, Azzam told Mubasher.

On Sunday, 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.

During the six-month period ended 30 June, the lender’s operating profits reached EGP 222 million, compared to EGP 140 million in the prior-year period.

Translated by: Zeinab Adel