Credit facilities granted by banks reach EGP 4.93 tn by July-2023 end

The latest bulletin from the Central Bank of Egypt revealed an increase in credit facilities granted by banks, reaching EGP 4.93 tn by the end of July 2023, compared to EGP4.09 tn by the end of 2022.

This growth of 20.46% amounts to an increase of EGP837.74 bn. This rise in credit facilities is attributed to both non-government and government credit facilities.

Non-government credit facilities reached EGP2.76 tn by the end of July 2023, compared to EGP2.43 tn by the end of 2022, indicating a growth rate of 13.52% and an increase of EGP 328.57 bn.

Government credit facilities also increased by about 30.63% to reach EGP 2.17 tn by the end of July 2023, compared to EGP1.66 tn by the end of 2022, with an increase of EGP509.17 bn.

This increase in government credit facilities is a result of growth in both foreign and local currency balances. Government credit facilities in local currency reached EGP 1.20 tn by the end of last July, compared to EGP 1.03 tn by the end of 2022, indicating a growth rate of 16.62% and an increase of EGP171.40 bn.

Meanwhile, government credit facilities in foreign currencies increased by about 53.52%, totaling EGP968.86 bn by the end of July 2023, compared to EGP 631.1 bn by the end of 2022, with an increase of EGP337.77 bn.

The relative distribution of non-government credit facilities indicates that the private sector obtained 62.61% of the total balances by the end of July 2023.

According to economic activity, industrial sector received about 29.47% of the total balances by the end of July 2023, followed by services sector with 27.78%, trade sector with 9.70%, and Agriculture sector with 2.10%, as for the undistributed sectors, it received 30.96%.