Egypt - Line of Credit III

The present project is the third Line of Credit (LOC) in the series of credits granted by the African Development Bank to the Development Industrial Bank (DIB). The utilization of the previous credits has been laudable and DIB has gained adequate experience in development financing and has thereby acquired a high absorptive capacity. This LOC of 10 million is designed because the Government is convinced that increased public assistance to the private industrial sector is in the best interests of the Egyptian economy and people. In addition, DIB is the main development finance institution providing mainly long and medium term investment finance to small and medium scale industrial enterprises, most of which are privately owned. The role of DIB is to support private initiatives with special emphasis on the small and medium size industries and related activities.