The Industrial Development Bank (IDB) has signed a cooperation protocol with Port Said governorate to finance industrial units in the small industries complex in South Raswa.
The signing of this protocol comes as a continuation of the bank’s role in supporting the national economy and financing important projects that contribute to economic development.
The new protocol aims to finance the industrial units which will carry out an industrial activity at an interest rate of 5% at a repayment period of up to 10 years as part of the Central Bank of Egypt (CBE) initiative.
The protocol was signed by Port Said Governor Adel Ghadhban and IDB Chairperson and Managing Director Mageid Fahmy, in the presence of a large number of officials from the governorate and the bank.
Fahmy explained that 54 clients would benefit from this protocol to provide them with the necessary financing for their factories on concessional terms such as the rate of return, grace periods, repayment and required guarantees.
IDB Deputy Chairperson of the Board of Directors Hamdy Azzam revealed the positive results the bank got since the launch of the initiative in attracting about 167 factories as new customers with required financing estimated at EGP 1bn.
He added that the bank is proceeding with successful steps towards implementing its strategy. The indicators of the first half of the 2019 plan indicate that the bank is proceeding at unprecedented growth rates with operating profit of about EGP 222m against EGP 140m in the first half of 2018, an increase of EGP 82m, with a growth rate of 59%.
In May 2019, the bank launched an initiative to finance 1,000 small and medium-sized factories nationwide, with an initial funding of EGP 7.5bn.