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Total credit facilities by banks increased by EGP 123.2bn in nine months Industry alone received 25.2% of total credit granted by banks to non-governmental economic activities, states CBE
The value of credit facilities granted by banks operating in the local market to their customers increased by EGP 123.2bn from July 2017 to March 2018 to reach EGP 1.55tn, according to the Central Bank of Egypt (CBE). Credit facilities refer to the sum of loans granted by banks to clients, along with letters of credit and letters of guarantee granted to cover importation. In a recent report, the CBE stated that total facilities directed to the government reached EGP 420.53bn at the end of March, including EGP 202.18bn in local currency and EGP 218.54bn in foreign currencies. Meanwhile, total non-government facilities amounted to about EGP 1.13tn, including EGP 799.96bn and EGP 329.12bn in foreign currencies. The report said that the private business sector received 60.8% of total credit facilities provided by banks through the end of March 2018. About 35.2% of non-government credit facilities were granted to the industrial sector, followed by the services sector, which took 28.9%, and then trade with 9.9%. As usual, the agricultural sector received the lowest percentage of credit facilities granted by banks to different economic sectors, accounting for only 1.1% of total facilities until the end of March 2018. The report noted that several other sectors, of which only the household sector was named, accounted for 24.9% of the total credit facilities.
