The Industrial Development Bank (IDB) will be pumping EGP 1.2bn into the real estate mortgage financing initiative for low and middle income families until the end of November 2019.
IDB’s Chairperson Maged Fahmy stressed that the bank has achieved great booms and unprecedented operating rates in recent years, as a result of the successful and distinguished management that keeps pace with successive developments in banks worldwide, becoming one of the most developed banks in the past year.
He added that it is in this spirit that the IDB supports national initiatives, which work to alleviate the Egyptian citizen’s suffering. It also works with the sectors that work to advance the Egyptian youth.
Deputy Chairperson of the Board of Directors Hamdy Azzam said the bank pumped EGP 2.2bn in funds for a number of factories within the “Thousand Factories” initiative, which the bank launched to finance 1,000 small and medium factories at the beginning of this year. It also allocated EGP 7.5bn initially directed at all industrial activities especially labour-intensive and export-oriented ventures.
Azzam added that the bank’s portfolio of small and medium-sized projects registered EGP 3bn by the end of November 2019, as a result of transferring a portfolio of EGP 500m from medium companies to large companies.