Banks support Industrial sector by EGP 175.5 bn in 2023

The latest statistical bulletin of the Central Bank of Egypt showed that the amount of loans provided by banks to the industry during the period from January to December 2023 increased by EGP 175.5 bn, with an increase rate of 26% over the past year According to data released on last Tuesday, bank loans for the industrial sector recorded EGP 850.1 bn by the end of 2023, compared to EGP 674.6 bn by the end of 2022.

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

Banks’ loans balances for the industry sector rose by 18.9% over the past year, reaching EGP 588.8 bn by the end of 2023, compared to EGP 495.4 bn by the end of 2022, with an increase of EGP 93.4 bn.

This significant surge in loans for the industrial sector in local currency resulted from increasing the banks' loans to the private industrial sector in local currency to EGP 550.7 bn by the end of 2023, from EGP 461.2 bn by the end of 2022, with a growth of 19.4% and an increase of EGP 89.5 bn.

Banks' loans balances to the industry in foreign currencies rose to the equivalent of EGP 261.3 bn by the end of last year, compared to EGP 179.3 bn by the end of 2022, with a growth of 45.77% and an increase of EGP 82.1 bn.

The large leap achieved by the industrial sector in foreign currencies, as a result of the increase in banks' loans to the private industrial sector in foreign currency by 31.6% over the past year, reaching the equivalent of EGP 217.7 bn by the end of 2023, compared to EGP 165.5 bn by the end of 2022.