CBE: Credit facilities granted by banks grow by 33.43%, recording EGP5.46tn by end of 2023

The latest bulletin from the Central Bank of Egypt revealed an increase in credit facilities granted by banks, reaching EGP 5.46 tn by the end of December 2023, compared to EGP 4.09 tn by the end of 2022, with growth of 33.43% and an increase of EGP 1.37tn.

Non-government credit facilities reached EGP 2.95 tn by the end of December 2023, compared to EGP 2.43 tn by the end of 2022, indicating a growth rate of 21.55% and an increase of EGP 524 bn.

Government credit facilities also increased by 50.81% to reach EGP 2.51 tn by the end of December 2023, compared to EGP 1.66 tn by the end of 2022, with an increase of EGP 845 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 1.41 tn by the end of December  2023, compared to EGP 1.03 tn by the end of 2022, indicating a growth rate of 36.38% and an increase of EGP 375 bn.

Meanwhile, government credit facilities in foreign currencies increased by 74.38% during the last Year, registering EGP 1.10 tn by the end of December 2023, compared to EGP 631.1 bn by the end of 2022, with an increase of EGP 469 bn.