The Industrial Development and Workers Bank of Egypt plans to sign two finance contracts worth EGP 125 million with the Social Fund for Development (SFD) to finance small and medium enterprises (SMEs) by next October. One contract is worth EGP 100 million and will be used to finance the current debit account and another contract is worth EGP 25 million and will be used to finance live stock projects and food industries, said Hamdi Azzam, board member at the bank. After signing a franchise finance contract worth EGP 30 million with SFD, the bank approved to offer franchise finance worth EGP 5 million to a customer planning to have a food-franchise business. The customer has an outlet selling food for factories and companies in Obour City and plans to establish 20 outlets, equipped with fridges and all other requirements, Azzam added. The bank received a loan amounting to EGP one billion from the Central Bank of Egypt (CBE) which will go for SMEs. The Industrial Development and Workers Bank of Egypt posted a profit of EGP 36 million at the end of last August, up from EGP 28 million at the end of June, thanks to its efforts in financing SMEs and expanding in retail banking products.
