By: Islam Fadl

Cairo – Mubasher: Industrial Development and Workers Bank of Egypt (IDBE) has pumped EGP 150 million into the Egyptian Commodities Exchange (EGYCOMEX) to nearly 160 clients so far, the lender’s chairman Maged Fahmy said.

The bank offers a financing of up to 70% of the private units’ value in the EGYCOMEX with a maturity date of five years and an interest rate of 5% within the framework of the Central Bank of Egypt’s (CBE) initiative to support small-sized enterprises, Fahmy told Mubasher in a phone call.

The bank is looking to raise investments in small- and medium-sized enterprises (SMEs) to reach EGP 4 billion by the end of the year, versus EGP 2.6 billion year-to-date.