By: Islam Fadl
Cairo – Mubasher: Industrial Development and Workers Bank of Egypt (IDWBE) is planning to invest EGP 450 million to finance El Roubiki Leather City project, the bank’s head of small and medium-size enterprises (SMEs) sector, Tarek Galal, told Mubasher on Sunday.
The project will be executed in three phases, the first of which costs EGP 150 million, while the cost of the second and the third combined amounts to EGP 300 million, he added.
The lender has allocated an EGP 100 financing to the first phase of the project, under the Egyptian Central Bank’s (CBE) SMEs finance initiative, Galal revealed.
Situated on 1,629 feddans on Cairo-Suez Road, El Roubiki Leather City is planned to produce 200 million cubic metres of leather and export $1 billion worth of leather products per annum following the completion of the project, along with the creation of 15,000 jobs.
Translated by: Muhammad Khalid
