By: Islam Fadl

Cairo – Mubasher: The Industrial Development & Workers Bank of Egypt (IDWBE) is in talks with foreign and regional financial institutions over getting a dollar-denominated loan, the bank’s head of small- and medium-sized enterprise (SME) sector said.

About 80% of the loan will be invested in the industrial sector, Tarek Galal told Mubasher on the sidelines of a conference on banks.

Galal has not mentioned any further details regarding the value of the loan.

He also pointed out that the banks’ SME portfolio amounted to nearly EGP 2.75 billion at the end of September.

The Egyptian lender is aiming to raise investments in the SME portfolio to EGP 3 billion by the end of the year, he indicated.

Translated by: Mai Ezz El-Din