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Banks' credit facilities see EGP 206.7bn increase in last 8 months: CBE Private enterprise sector denominates 60.8% of total facilities, with industry in lead
The total credit facilities granted by banks to their customers increased by EGP 106.7bn to EGP 1.836tn during the period from July 2018 to February 2019, according to the Central Bank of Egypt (CBE). In its monthly report on the performance of banks and the economy, the CBE explained that the private enterprise sector has obtained about 60.8% of the total facilities granted by banks to all bodies excluding the government. It added that the industry sector has denominated 33.6% of these facilities, followed by the services sector by 28.1%, the trade sector by 10.6%, the agriculture sector by 1.5%, and miscellaneous sectors –including households – by 26.2%. Credit facilities are loans provided by banks to their clients alongside documentary credits and letters of guarantees that were opened to cover import operations. According to the CBE, the total credit facilities presented to the government were about EGP 568.40bn until the end of February 2019, including EGP 227.64bn in local currency and the equivalent of about EGP 340.76bn in foreign currencies. The total facilities directed to non-government bodies reached EGP 1.26tn, including about EGP 970.10bn in local currency and about EGP 297.85bn in foreign currencies. In the same context, the CBE revealed a rise in total loans granted by the banking system by EGP 16.55bn in February 2019 to EGP 1.82tn against EGP 1.80tn in January 2019. Loans to the government recorded EGP 568.40bn in February against EGP 567.39bn in January, up by EGP 1.01bn. Total non-government loans rose by about EGP 15.53bn to EGP 1.25tn against EGP 1.24tn.
