MPs' work continues    Covid-19 and sustained development    Egypt is food secure    'I do not agree with suspending work' over coronavirus, says Egypt's President Sisi    Africa amid the pandemic    Closer screens    Stay at home and enjoy Zamalek art gallery's dual exhibition of paintings online    Egypt's Awqaf Ministry halts religious activities during Ramadan    KSA imposes 24-hour curfew in Riyadh, other cities over coronavirus    PFA chief Taylor donates 500,000 pounds to players' NHS fund    Japan announces coronavirus emergency, approves near $1 trillion stimulus    Egypt's Finance Ministry exempts exporters from introducing fiscal position certificate required for disbursing arrears    Unsung heroes: Swiss street artist pays tribute to essential workers during the coronavirus disease    CBE erases blacklists, lifts restrictions on defaulters    European stocks up on signs of slowing coronavirus cases    FIFA bribe allegations raise more questions over Qatar World Cup    Mideastern burial traditions clash with fears of contagion    Land border between China and Russia is closing    UK foreign minister Raab in charge, will decide on lockdown measures: Gove    Dutchman Van Dijk wants to become 'Liverpool legend'    Spurs' Son set for chemical warfare training in South Korea    Chinese players join clubs after completing COVID-19 quarantine    Egyptian President Sisi orders provision of low-interest finance for hotels    Samsung beats Q1 estimates, braces for bigger blow from COVID-19    Facebook asks users about coronavirus symptoms, releases friendship data to researchers    EFA to raise funds for players in lower divisions amid coronavirus    Egyptian Fine Arts Syndicate organises exhibition to help artists amid coronavirus    Egypt's swimmer Osman quarantined in Red Sea resort after returning from US    Egypt's Zamalek to extend Carteron's contract after end of coronavirus    Comedy puppet Abla Fahita returns to screens during Egypt's curfew    Filling GERD will begin this rainy season: Ethiopian PM    Egypt's Supreme Council of Culture launches three new competitions    Prosecution warns of EGP 300k fine or 2-year jail for spreading fake coronavirus news    Egypt, MENA growth forecast at 2.7%, -0.3% respectively: IIF    Al-Sisi discusses joint coronavirus efforts with Abu Dhabi Crown Prince    Saudi Arabia intercepts missiles over Riyadh    CBE temporarily regulates cash deposits, withdrawals    Lagging COVID-19 response to shield frail economy: Rouhani    Farwell to Egyptian comedian George Sidhom    Weekend's virtual concerts, plays, and festivals people can stream at home    Brazilian football stadiums transformed into hospitals to treat coronavirus patients    Amid coronavirus outbreak, Egyptian Premier League cancellation seems inevitable    Stay At Home: Ministry of Culture to publish free books online for public browsing    Ethiopia has not sent Egypt latest designs for GERD: Minister of Irrigation    Nigerien President hails Egypt's diplomatic attempts to reach agreement over GERD    Al-Sisi appreciates Kenya's support to Egypt's stance on GERD    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    

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

IDB pumps EGP 2.2bn to finance 205 factories within 'One thousand factories' initiative's framework
Bank grants 11,000 customers EGP 1.2bn within mortgage financing initiative
Published in Daily News Egypt on 15 - 02 - 2020

The Industrial Development Bank (IDB) has pumped EGP 2.2bn to finance 205 factories, as part of the "One Thousand Factories" initiative launched by the bank in mid-2019.
Last week, the bank opened its newest branch in Minya, within the framework of the bank's strategy for geographical expansion to provide all banking services faster and actively participate in supporting the state's development efforts.
Maged Fahmy, chairperson and managing director of the bank, said that the opening of the new Minya branch comes in line with the state's plan to develop Upper Egypt governorates, to bring about real, concrete, and rapid development. It is also part of the bank's efforts to achieve widespread competition in the banking market, to reach a broad base of customers, and be closer to them. This comes at a time when the bank is changing its institutional identity, and developing and modernising its branches.
The new branch comes as part of a series of openings for new branches that have been completed, and will be opened successively in Ismailia, Sadat, Stanley, Beni Suef, and Suez.
The first electronic branch will be opened soon, Fahmy said, explaining that there will also be developments carried out in Qena, Fayoum, Tanta, and Port Said branches before end of the year.
He confirmed that IDB has succeeded in achieving unprecedented target numbers in 2019, and in terms of expanding to support the retail banking sector and small and medium enterprises. It has also signed many protocols with the governorate to serve the industrial and investment sectors.
Fahmy said that he believes in the bank's social role and the importance of social responsibility. The bank's interest in health, education, and environment comes to support the neediest villages and slums, and combating poverty.
Hamdy Azzam, vice chairperson of the bank, said that the results achieved represent a turning point in the bank's strategy at all levels of the bank's work, which greatly serves the national economy.
He explained that the bank launched the One Thousand Factories initiative to provide new job opportunities, encourage export, eliminate unemployment, and support the industrial sector, which is the backbone of the Egyptian economy. He noted that it has benefited from this initiative since its launch of about 205 factories with funds amounting to EGP 2.2bn.
He said that the bank has also been keen on participating in the real estate financing initiative launched by the Central Bank of Egypt (CBE), pointing out that the bank pumped about EGP 1.2bn for more than 11,000 customers.
The bank has been strengthening its manpower by training young individuals, as nearly 110 distinguished young people were included and educated in using the latest financial systems to later become future cadres within the bank.
On the sidelines of the Minya branch's opening, Fahmy signed a cooperation protocol with Osama El Kady, the governor of Minya, with the aim of establishing and financing industrial areas in the governorate and funding delivering facilities to citizens of the governorate, including natural gas, electricity, and waste.
El Kady said that the protocol comes in line with the state's trends towards facilitating investment, developing small and micro enterprises, providing convenient services to citizens, facilitating access to public services and facilities at a low cost with easy payment methods, and providing adequate housing for people with limited and medium incomes for a proper price and flexible installments.
Fahmy said that the protocol includes cooperation in a number of various fields, including the field of vocational training and entrepreneurship centres in Minya Governorate. This is meant to create a new generation of manufacturers and craftspeople, providing banking awareness and job opportunities for graduates, and supporting micro, small, and medium, enterprises.

Clic here to read the story from its source.