Banks' loans to support industrial sector jumps by 51.2% during 9M-2024, recording EGP1.28 tn

The monthly statistical bulletin of the Central Bank of Egypt revealed that the volume of the finance portfolio provided by banks to the industry during the first 9 months of last year rose by about 435.02 billion pounds, with a growth rate of 51.17%, reaching 1.285 trillion pounds by the end of September 2024, compared to 850.1 billion by the end of 2023. 

This is in the light of the increasing attention paid by Egypt to the industrial sector, as one of the fundamental pillars for achieving the objectives of Vision 2030, to make Egypt one of the world's 30 largest economies by 2030, by laying the foundations for sustainable development to create a knowledge-based and competitive economy.

The volume of financing from banks to support the industry sector in "local currency only" rose at a growth rate of 44.90%, marking an increase of 264.4 billion pounds during the first 9 months of last year, reaching 853.2 billion pounds by the end of September 2024, compared to 588.8 billion by the end of 2023. 

This marked increase in the volume of industrial sector funding in "local currency" is due to a rise in bank funding to support the private industrial sector in "local currency" at a growth rate of 33.53% and an increase of 184.7 billion pounds over the first 9 months of last year, reaching 735.4 billion pounds by the end of September 2024, compared to 550.7 billion by the end of 2023.

As for the volume of banks' loans for the industry sector "in foreign currency only", it rose to the equivalent of 432 billion pounds by the end of September, compared to 261.3 billion by the end of 2023, to grow by 65.30%, and increase the equivalent of 170.6 billion pounds during the first 9 months of 2024.

The significant leap made by banks in supporting and financing the industrial sector in "foreign currency only" is due to an increase in banks' loans to the industrial private sector in "foreign currency only" at a growth rate of 37.26% and an increase of 81.1 billion pounds over the first 9 months of last year, recording the equivalent of 298.8 billion pounds by the end of September 2024, compared to 217.7 billion by the end of 2023.