By: Islam Fadl
Cairo – Mubasher: Industrial Development Bank (IDB) aims to inject EGP 5 billion funding to 1,900 plants and workshops in the industrial zone in Shak El-Thoban by the end of 2020, head of the small- and medium-sized enterprise (SME) sector at the bank, Tarek Galal, said.
New protocols will be signed in the upcoming period to finance around 280 industrial units and complexes where each unit is valued at EGP 1 million, Galal told Mubasher.
SMEs’ direct and indirect portfolio amounted to EGP 3 billion, including EGP 1 billion to micro enterprises, Galal added.
IDB is in negotiations with Egypt’s Micro, Small and Medium Enterprise Development Agency (MSMEDA) to sign a contract worth EGP 100 million to finance small enterprises, he revealed.
