The loans of the Industrial Development & Workers Bank of Egypt (IDWBE) directed to small and medium enterprises (SMEs) reached EGP 2.6bn, in addition to outstanding requests of EGP 400m, according to Maged Fahmy, chairperson of the bank.
Fahmy explained that the Central Bank of Egypt (CBE)’s SMEs initiative reached EGP 1.05bn, noting that the bank financed 70,000 microenterprise clients across the republic with EGP 750m.
Fahmy added that his bank attracted a large base of customers to the banking sector recently, as the bank was able to open 6,846 new accounts.
“The IDWBE played a major role in financial inclusion through expanding retail banking for development purposes, which is the role of the bank as one of the national banks leading support for development projects since its inception in 1947,” Fahmy said.
“The IDWBE has also trained the front office staff in all its branches to deal with the target groups to enter under the umbrella of financial inclusion, whose culture varies from one individual to another, so that they have the ability to offer all the products and services provided in a simplified manner to the public.”
He added that the bank achieved great success in the field of mortgage finance, as the size of the mortgage finance portfolio within the CBE initiative, directed to limited- and middle-income clients, reached EGP 523m for 5,000 clients, ranking fifth among Egyptian banks in the initiative. He noted that the bank is still studying the requests of 2,000 other clients.
Fahmy stressed that the CBE’s initiative for the financing of real estate contributed to creating a bridge of communication with the limited- and middle-income segments to deliver banking services.
In the retail banking sector, Fahmy said that the bank contracted with Fayoum Gas Company and National Gas (NATGAS) to deliver gas to 92,000 residential units in Alexandria, Beheira, and Fayoum, noting that the bank intends to contract with three other companies that cover other geographical areas.
Fahmy pointed out that the IDWBE was keen to contribute to the strengthening of Egyptian citizens and the implementation of the country’s strategy through a development plan that raises the slogan of retail banking for community service through the financing of real estate and delivery of natural gas to homes, as well as water supply and sanitation, to help low-income citizens gain access to national services with the lowest interest rates and appropriate repayment periods.