UPDATE: Saudi Aramco share sale exceeds initial target    Nvidia to roll out next-gen AI chip platform in '26    Sri Lanka offers concessionary loans to struggling SMEs    Egypt temporarily halts expats land allocation in foreign currency    China's banks maintain stable credit quality in Q1 '24    Indian markets set to gain as polls show landslide Modi win    CBE aims to strengthen sustainable borrowing through blended finance mechanisms: Governor    CIB commits $300m to renewable energy, waste management projects in Egypt: Ezz Al-Arab    UN aid arrives in Haiti amid ongoing gang violence, child recruitment concerns    Russian army advances in Kharkiv, as Western nations permit Ukraine to strike targets in Russia    Trump campaign raises $53m in 24 hours following conviction    M&P forms strategic partnership with China Harbour Engineering to enhance Egyptian infrastructure projects    Egypt includes refugees and immigrants in the health care system    Ancient Egyptians may have attempted early cancer treatment surgery    Abdel Ghaffar discuss cooperation in health sector with General Electric Company    Grand Egyptian Museum opening: Madbouly reviews final preparations    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    US Embassy in Cairo brings world-famous Harlem Globetrotters to Egypt    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    US Biogen agrees to acquire HI-Bio for $1.8b    Egypt to build 58 hospitals by '25    Giza Pyramids host Egypt's leg of global 'One Run' half-marathon    Madinaty to host "Fly Over Madinaty" skydiving event    World Bank assesses Cairo's major waste management project    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Credit facilities granted by banks to their clients in August increased by EGP 12.3bn: CBE
Private sector accounts for 59.4% of the total facilities, deposits increase by EGP 34.4bn
Hossam Mounir Published in Daily News Egypt on 29 - 11 - 2016

The total credit facilities granted by banks to their clients in August increased by EGP 12.295bn, reaching EGP 956.638bn. In July, credit facilities stood at EGP 944.343bn, according to the Central Bank of Egypt (CBE).
In its monthly report on the performance of banks issued on Tuesday, the CBE stated that the private sector accounted for 59.4% of the total facilities granted in August.
The industrial sector accounted for 32.1% of the total credit facilities granted by banks to their clients in August. The services sector followed, which includes tourism, at 27.4%. Trade came in third with 10.6%.
As always, the agriculture sector came last on the list with only 1.4% of the total of these facilities during August.
A number of other sectors were not listed in detail in the CBE's report. Collectively, these sectors, including the household sector, received 28.5% of the total facilities.
The head of a bank operating in Egypt said that the country needs more loans granted to different economic services, particularly the industry sector—considering its importance for the national economy. He explained that the industrial sector is the most important sector for increasing economic growth, reducing unemployment, and increasing employment rates, in addition to lifting the foreign exchange reserves of export earnings.
Moreover, he criticised the size of credit facilities granted by banks to the agriculture sector, stressing that agriculture is a very important sector of the Egyptian economy, highlighting its importance in securing basic commodities to support Egyptians, next to its contribution in exports.
The CBE stated that deposits at banks increased by EGP 34.4bn in August, recording EGP 2.172tn, up from EGP 2.138tn in July 2016.
According to the CBE, the household sector accounted for 75.3% of the total deposits in August.

Clic here to read the story from its source.