Cairo – Mubasher: The Industrial Development Bank of Egypt (IDB) has signed an EGP 50 million financing agreement with Tamweely Microfinance.
The credit facilities will be allocated for financing the projects of low-income citizens.
The new deal is set to finance more than 8,000 clients across Egypt and contribute to reducing unemployment, creating new job opportunities, and improving poor families’ income.
IDB’s micro, small and medium-sized enterprises (MSMEs) portfolio amounted to EGP 2.8 billion, in addition to EGP 600 million which are used in indirect investments, the bank’s chairperson and managing director Maged Fahmy stated.
On Monday, IDB deputy chairman said that the Egyptian lender has collected EGP 150 million from defaulters since the start of the year until mid-December.
IDB’s portfolio of defaulting clients amounts to around EGP 1 billion, Hamdy Azzam said, indicating that the portfolio comprises around 250 clients and is 100% covered.
