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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Photo from Daily News Egypt
According to the report, the Industrial Development and Workers Bank of Egypt (IDBE) and the Damietta Furniture City (DFC) made an cooperation agreement to finance manufactures.
Established on an area of 331 feddans in Damietta, the DFC includes 150 factories and 1,500 small and medium workshops.
The IDBE's chairperson and managing director Maged Fahmy said that this protocol comes in line with the Central Bank of Egypt's (CBE) initiative to support small and medium-sized enterprises (SMEs) as the driver and locomotive of economic growth and provide new job opportunities.
Fahmy affirmed that the bank will provide the necessary financing for the new DFC because it is the first industrial zone specialised in the furniture industry, which increases export opportunities, provides foreign exchange for the country, and supports young entrepreneurs.
The deputy chairperson of the IDBE Hamdy Azzam said that the protocol is part of the bank's plan to finance such industrial clusters.
He pointed out that the bank has previously financed the Robiki Leather City, the Egyptian Commodities Exchange (EGYCOMEX), and other projects of the Industrial Development Authority (IDA).
Azzam stressed that this project meets the bank's development objectives, including optimal utilization of Damietta's economic capabilities, the development of the North Delta area, providing new job opportunities for youth, establishing a regional business centre to stimulate investors and preserve public health through locating workshops outside residential areas.
