Egypt's Industrial Development Bank offers funding to 167 plants

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.