The Industrial Development and Workers Bank of Egypt plans to sign two finance contracts worth EGP 100 million this week with the Social Fund for Development (SFD) to finance small and medium enterprises (SMEs). The bank will sign a contract worth EGP 75 million after its value was reduced from EGP 100 million and it will finance the current debit account as well as another contract worth EGP 25 million that will finance livestock and food industries projects, said Hamdi Azzam, member of the board of directors of the bank. The bank's SME finance portfolio rose 141% to reach EGP 350 million at the end of 2012, compared with EGP 144 million at the end of 2011, he revealed. He noted that the bank has raised the number of its employees by 245% to reach 352 at the end of 2012, compared with 136 at the end of 2011. The bank targets to increase the value of its portfolio to EGP 500 million with a growth rate of 40%, he added.
