Industrial Development Bank pumps $2mn into micro-finance associations
Published 2015-08-29 10:51:13| Mohamed Hamdy
The Industrial Development and Workers Bank of Egypt (IDWBE) has granted 16 million Egyptian pounds (US$2 million) to a micro-finance association, executive board member Hamdi Azzam announced Saturday. IDWBE is studying granting new finances worth 16 million pounds in favour of one of the micro-finance associations so that the latter would support their clients, the official said. The total volume of IDWBE's portfolio for Small and Medium-sized Enterprises (SMEs), direct and indirect micro enterprises has been increased from 300 million to 600 million Egyptian pounds in the last two years. Industrial Development and Workers Bank has attained profits estimated at 65 million Egyptian pounds at the end of first half of 2015, Azzam stated. The bank targets boosting net profit to 100 million Egyptian pounds at the end 2015.
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A form of debt restructuring rather than outright forgiveness should enable Greece to handle its "unviable" debt burden, the head of the International Monetary Fund was quoted as telling a Swiss newspaper. The IMF has yet to make clear if it will participate in the third 86-billion-euro ($96 billion) international bailout that Greece signed up to in early August, having argued in favor of a partial writedown of a debt burden it considers unsustainable in its current form. Greece's euro zone creditors, notably Germany, have ruled out a writedown but are willing to consider other forms of restructuring such as a lengthening maturities. Asked about those differences, IMF Managing Director Christine Lagarde told Saturday's edition of Le Temps: "The debate on cancelling the debt has never been open I don't think it is necessary to open it if things go well... "We are talking about extending maturities, reducing rates, (making) exemptions for a certain period of time. We are not speaking about cancelling debt."
The Egyptian Contracting Company - El-Abd has suspended its works on housing projects in Libya 801 million Egyptian pounds (US$102 million), official from the company told Amwal Al Ghad Saturday. Said Fattouh - Vice-Chairman of the Board of Directors and Managing Director of Technical Affairs at El-Abd – added that the reason behind halting the company’s works in Libya was the ongoing security tensions there. El-Abd had during the past years agreed to carry out a large bunch of housing projects in the Libyan capital, Fattouh said. Elsewhere, Fattouh referred to his company’s interest in boosting its volume of businesses in Egypt in the current phase. El-Abd is also planning to launch its new branch dedicated for road projects, targeting competition with other local firms.
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