Banks' loans for industry sector rises by EGP 133.9 bn in 8M

Banks operating in the Egyptian banking sector (other than the Central Bank) witnessed remarkable growth during the first 8M of last year, rising to EGP 808.6 bn by the end of August 2023, compared to EGP 674.6 bn by the end of 2022, with a growth rate of 19.9% and an increase of EGP 133.9 bn.

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

According to the latest statistical statement issued by the Central Bank of Egypt, banks' loan balances for industrial sector in local currency sector rose by about 14.1% in the first 8M of last year, reaching EGP 565.1 bn by the end of August 2023, compared to EGP 495.4 bn by the end of 2022, with an increase of EGP 69.8 bn.

This significant leap of industrial sector loans in local currency resulted from an increase in banks' loans to the private industrial sector in local currency to EGP 521.6 bn by the end of August 2023, compared to EGP 461.2 bn by the end of 2022, with a growth rate of 13.1%, and an increase of about EGP 60.4 bn.

Banks' loan balances to the industry sector in foreign currencies rose to the equivalent of EGP 243.4 bn by the end of August, compared to the equivalent of EGP 179.2 bn by the end of 2022, with a growth rate of 35.8%, and an increase of EGP 64.2 bn.

This huge leap achieved by the industrial sector in foreign currencies as a result of a 33.3% increase in banks' loans to the private industrial sector in foreign currency in the first 8M of last year to reach the equivalent of EGP 220.5 bn by the end of August 2023, compared to the equivalent of EGP 165.5 bn by the end of 2022, with an increase of the equivalent of EGP 55.1 bn.