UK envoy apologises for not informing Egypt over flight suspension    Egypt's population reaches 99 million: CAPMAS    Egypt extends state of emergency for three months: Official gazette    In Photos: 1st phase of Roxy Garage inaugurated on the 1,050th National Day of Cairo celebrations    Iran thanks Saudi Arabia for release of its oil tanker Happiness 1: Fars    Egypt's Banque Misr: customers' deposits rise 11.3% by June-end    Griezmann 'cried with joy' at Barcelona move    Japan ruling bloc to keep simple majority in upper house, may get 2/3: NHK exit poll    Air France maintains its flights to Cairo    Arsenal boss Emery happy to be patient in transfer market    Arsenal Next Gen ready to 'take on the world', says youngster Saka    U.S. President Trump relished rally chant, Ocasio-Cortez tells constituents in Queens    Oman urges Iran to let seized tanker depart: State TV    U.S.-South Korea military exercise to proceed: official    Egypt urges nationals to abide by Schengen travel rules    Egypt seeks to make good use of funding resources – minister    EgyptAir to provide larger aircrafts for Cairo-London route after British Airways suspension: Source    Egypt's investment opportunities to be promoted in Italy    Egypt's Sisi attends graduation ceremony for police cadets    Algeria crowned Africa Cup of Nations Champions after Senegal win    Sisi: Egypt supports development efforts in all Nile Basin states    Egypt's PM supervises implementation of Luxor's Corniche project    After appointing new female judge, will Egypt see more women in courts?    Egypt's PM follows up implementation of Luxor's Corniche development project    Egypt tells citizens that Saudi e-visa not meant for hajj    Algerian team came to Cairo to win AFCON title: Djamel Belmadi    Egypt, Uzbekistan study establishing pharmaceutical plant    Egyptians Brace for Rising Prices Due to Subsidy Cuts    Belgium's Port of Antwerp to develop bunkering activity in Egypt    Sudan's military, opposition sign 1st part of power-sharing deal    Peace with Egypt must be made: Turkey's main opposition leader    King Tut's golden coffin undergoes first restoration since 1922 discovery    Changing dominant narrative of women on stage    Explorations of music, sound, architecture of Islamic Cairo and everyday life    Farewell to Italy's best-loved writer Andrea Camilleri    Parliament Speaker announces end of fourth legislative term    Total of 59,455 expats in Egypt have undergone virus C screening    Renovation of Egyptian Museum to include installing new lighting, display systems    Egypt's parliament starts new NGO law discussion    Egypt's parliament Oks new NGO law    Egypt's parliament's 5th convocation sessions to be aired live: Parliament speaker    Cairo hosts 6th meeting of Egyptian-Sudanese military committee    Egypt inaugurates museum to honor late novelist Naguib Mahfouz    Bookmakers expects Egypt's Mo Salah might miss the year's Ballon D'or award    Fired MP detained pending investigations over corruption charges    Egypt sees national population growth rate to halve before 2052    AFCON quarter-finals: Desert Warriors face Ivorian Elephants in early final    Orange Egypt removes Warda from ad campaign after harassment case    

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

IDB buys land plot in New Administrative Capital for its new headquarters
Bank recently opened 11 branches across Egypt
Published in Daily News Egypt on 14 - 05 - 2019

The Industrial Development Bank (IDB) purchased a land plot of 5,350 sqm in the New Administrative Capital to establish the bank's new headquarters, Maged Fahmy, chairperson of the IDB, said.
The bank has contracted with the Armed Forces Engineering Authority for the construction of this headquarters, in addition to the completion of the construction of the bank's branch in the Fifth Settlement, after six years of neglect.
He added that the bank recently opened 11 branches as part of its three-year expansion plan across the country.
Furthermore, Fahmy explained that four branches have been completed and four more are pending construction in Sadat City, Borg El Arab, Minya, and Ismailia. The bank will also develop four branches in Qena, Fayoum, Tanta, and Port Said before the end of 2019.
On Monday, Fahmy opened the bank's latest branch in Obour City. The IDB will complete the existing branch development and open new ones to be eligible in the modern format of the bank as part of its expansion plan.
Another bank branch will be opened in Makram Ebeid in Nasr City as well as a branch of Nobar Pasha street downtown in May.
Fahmy explained that the opening of these branches comes within the framework of a new business plan to strongly compete in the banking market, through the expansion of its branch network to reach 50 branches by 2023.
He added that the IDB aims to deliver its services to more citizens, in addition to industrial zones across Egypt in order to contribute to the initiative launched by President Abdel Fattah Al Sisi to support small and medium-sized enterprises (SMEs).
Moreover the bank plans to establish the first branch of electronic banking services using the latest banking technologies, through the plan set by the bank's management, which ultimately serves the national economy by supporting the Egyptian industry, through financing SMEs in order to effectively contribute toward solving the problem of unemployment, raising the volume of Egyptian exports, and thus providing hard currency, explained Fahmy.
Hamdy Azzam, deputy chairperson of the board of directors of the bank, said that the ratio of loans reached 40% of the total credit portfolio.
Azzam elaborated that the bank is focusing on financing development projects, after the introduction of the term's retail banking for development, noting that the bank was able to seize fifth rank in the last three years in financing SMEs and mortgages.
The proportion of financing of SMEs at the bank reached about 33% of total loans, which is higher than the percentage determined by the Central Bank of Egypt (CBE?) of 20%, he pointed out.
Over and above, Azzam highlighted that the IDB financed the Rubiky Leather City project. The bank proved its worth in the furniture city of Damietta, although it was the last bank to finance it, but it was more active than the first three banks.
He added that the IDB has signed protocols with the Industrial Development Authority and a number of industrial complexes in the governorates of Daqahleya and Alexandria, as well as the allocation of a developmental portfolio of real estate mortgage finance, and the delivery of gas to low-income villages, including 150,000 units in Fayoum villages. The value of this portfolio reached EGP 1.4bn.
Over the last few years, the IDB has succeeded in achieving a qualitative leap in its indicators and jumping at an unprecedented rate of growth on all indicators through the bank's comprehensive plan for all sectors set by the its current management headed by Fahmy.
According to the bank's performance indicators, the IDB's budget has jumped from EGP 4.5bn in 2015 to EGP 24.5bn in 2018, while deposits hiked from EGP 2.1bn to EGP 19bn, and credit rose from EGP 3.5bn to EGP 10.5bn.

Clic here to read the story from its source.