Credit facilities granted by banks rise to EGP 5 tn by August -2023 end

The latest bulletin from the Central Bank of Egypt revealed an increase in credit facilities granted by banks, reaching EGP 5 tn by the end of August 2023, compared to EGP 4.1 tn by the end of 2022, with growth of 22.3% and an increase of EGP 912.3 bn.

Non-government credit facilities reached EGP 2.8 tn by the end of August 2023, compared to EGP 2.4 tn by the end of 2022, indicating a growth rate of 14.5% and an increase of EGP 352.1 bn.

Government credit facilities also increased by about 33.7% to reach EGP 2.2 tn by the end of August 2023, compared to EGP 1.7 tn by the end of 2022, with an increase of EGP 560.3 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 1.2 tn by the end of August 2023, compared to EGP 1 tn by the end of 2022, indicating a growth rate of 19.9% and an increase of EGP 204.9 bn.

Meanwhile, government credit facilities in foreign currencies increased by about 56.3% during the first 8M of 2023, registering EGP 986.5 bn by the end of last August 2023, compared to EGP 631.1 bn by the end of 2022, with an increase of EGP 355.4 bn.

The relative distribution of non-government credit facilities indicates that the private sector obtained 62.43% of the total balances by the end of August 2023.

According to economic activity, industrial sector received about 29.13% of the total balances by the end of August 2023, followed by services sector with 27.67%, trade sector with 9.65%, and Agriculture sector with 2.05%, as for the undistributed sectors, it received 31.50%.