Cairo – Mubasher: The head of small projects at the Industrial Development Bank (IDB) Tarek Galal announced that the bank considers injecting EGP 1 billion finances for the Small to Medium Enterprises (SME).

SMEs’ direct and indirect portfolio has exceeded EGP 3 billion, while the micro enterprises’ portfolio reached EGP 1 billion, Galal highlighted during the meeting of the Federation of the Egyptian Banks on Sunday.

The IDB further aims to raise SME’s portfolio to EGP 5 billion by the end of 2019, he further remarked.

Currently, the SMEs’ ratio in the credit portfolio represents 30%, which is a higher percentage than the 20% initiative formerly set by the Central Bank of Egypt (CBE), he added.