Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MIDB pumps EGP 800m new loans before end of 2015: Managing director
Industrial sector acquires 40% of total loans from the bank, says Amr Tantawy
Published in Daily News Egypt on 06 - 06 - 2015

Misr Iran Development Bank (MIDB) plans to pump EGP 800m of new loans to several important sectors before the end of 2015, according to Amr Tantawy, Managing Director of MIDB and Board Member of Federation of Egyptian Banks (FEB). The loans portfolio, thus, will increase to EGP 4.8bn.
In an interview with the Daily News Egypt, Tantawy revealed the bank's plan until the end of this year.
What are the bank's performance indicators until the end of May?
MIDB's net revenues until the end of May were at EGP 159m, compared to EGP 105m at the end of March and EGP 282m in 2014 in total. Our bank aims for the volume of revenues to reach EGP 350m by the end of this year.
What about the credit activity of the bank?
The bank's loan portfolio by the end of May reached roughly EGP 4bn, and we target pumping new funds worth EGP 800m by the end of the year, so that our portfolio would be at EGP 4.8bn.
What are the most significant sectors the bank focuses on in the funding operations?
Since the bank's operations started 40 years ago, it has been working as an investment bank and funds all developmental projects that have a positive impact on the national economy. The industrial sector, in particular, owns 40% of the loans portfolio in MIDB, while the financial services, construction, and real estate sectors own 15% each. Our bank always aims to fund projects of priority and importance to the state, like electricity and energy.
In this regard, MIDB took part in a loan organised by the Abu Dhabi Islamic Bank (ADIB) in favour of the Egyptian Electricity Holding Company (EEHC). The bank's value of participation in the loan amounted to EGP 100m, of which EGP 61m were already used. MIDB also participated in another loan for the electricity sector worth $20m, a loan organised by Bank Audi with a total value of $520m. Our bank is also studying providing another two loans in favour of the General Petroleum Authority, with a value of $1.891bn and $130m respectively. The bank's share in the two loans could reach $40m. MIDB also participates in funding several road projects within the state's plan of expansion in some roads and constructing new ones, as well as taking part in funding a factory for energy-saving bulbs.
The bank is studying entering in the development projects for the Suez Canal Axis, as well as other projects that were proposed in the Economic Summit.
What about the bank's participation in covering the government's placements of debt tools issued weekly to cover the general budget deficit?
MIDB is one of the 15 banks that participate in the "major traders" system, which covers the government's placements of the debt tools. The bank's investments in government's bonds and bills is worth EGP 1.5bn to EGP 2bn. This amount is outside the credit portfolio, which is only directed to projects.
What is the bank's role in funding small and medium-sized projects, as well as the mortgage finance?
We allocated EGP 150m for the mortgage finance, and we are currently studying contracting with several companies that were determined to build housing units for the low- and middle-income individuals. We also signed an agreement with Social Fund for Development (SFD) to acquire EGP 25m to fund small and medium-sized projects, of which EGP 6m were granted until now.
What is the delinquency rate in the bank?
Despite the huge problems faced by the manufacturing sector in particular during the previous years, along with some other sectors, the delinquency rate did not exceed 10% of the loan portfolio in the bank. It is 100% covered by allocations. MIDB has the strongest financial position among the banks working in Egypt; it is always keen on supporting its allocations right away.
What is the position of the deposits portfolio in the bank?
Regarding deposits, the bank targets achieving a balanced growth plan in line with its investments. The volume of the deposits portfolio in the bank currently amounts to around EGP 7.5bn, while the loan-to-deposit ratio in the bank amounts to 55%.
What about the bank's plan regarding geographical expansion?
The bank currently has 15 branches, and two more branches will be opened before the end of this year in Beni Suef and Tanta, within the bank's plan to expand outside Cairo. We will decide in the December the number of new branches that will be opened in next year.


Clic here to read the story from its source.