By: Eslam Fadl
Cairo – Mubasher: The Industrial Development & Workers Bank of Egypt (IDWBE) is considering pumping EGP 500 million investments into its small- and medium-sized enterprise (SME) portfolio in the first quarter of 2019, the lender’s head of SME sector said.
The banks’ SME portfolio amounted to around EGP 2.75 billion at the end of September, Tarek Galal told Mubasher.
Galal added that the bank aims to raise investments in the SME portfolio to EGP 3 billion by the end of the year.
He also revealed that IDWBE was looking to invest EGP 1 billion in the Central Bank of Egypt’s (CBE) SME initiative, noting that the bank has already injected EGP 1.2 billion year-to-date into the initiative.
IDWBE is also weighing up pumping financings worth EGP 50 million into a number of associations in Upper Egypt in the coming period, Galal highlighted.
Translated by: Mai Ezz El-Din
