EDBE announces FY 2020/2021 budget

ArabFinance: Export Development Bank (EDBE) has eyed achieving a net profit of EGP 1.052 billion for the fiscal year (FY) 2020/2021, compared to the expected profit of EGP 1.015 billion in FY 2019/2020, according to Amwal Alghad website.

Based on the bank's budget for FY 2020/2021, the total loan portfolio is expected to be increased to EGP 40.8 billion in FY2020/2021 from EGP 31.13 billion a year earlier.

EDBE aims to grow medium-sized projects to EGP 4.405 billion in FY 2020/2021 from EGP 3.205 billion year ago, while the small and micro-projects are expected to be increased to EGP 1.250 million in FY 2020/2021 from EGP 600 billion a year earlier, Amwal Alghad reported.

In June, the bank secured a medium-term loan of $15 million (EGP 242.71 million) from Sanad Fund for micro small and medium enterprises.

The bank will utilize the loan in finance micro small and medium enterprises and agricultural institutions.

EDBE is an Egypt-based public shareholding company that operates in the banking sector. The bank offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial and services sectors.

At the press time, the conversion rate is $1 = EGP 16.18

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