Banks rose their loans for industrial sector by EGP 194.4 bn in 3M

The latest statistical bulletin of the Central Bank of Egypt showed that the amount of loans provided by banks to the industry sector in Q1 of 2024 increased by about 22 .87%, with an increase of EGP 194.4 bn.

According to data released last Wednesday, banks’ loans for the industrial sector exceeded EGP 1 trillion by the end of March 2024, compared to EGP 850.1 bn by the end of 2023.

This comes in the light of the increasing attention Egypt paid 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 laying the foundations for sustainable development to create a knowledge-based and competitive economy. 

Banks' loan balances to the industry sector in local currency rose by 7.82% in Q1 of this year, reaching EGP 634.8 bn by the end of March 2024, compared to EGP 588.8 bn by the end of 2023, with an increase of EGP 46.1 bn.

This significant surge in loans for the industrial sector in local currency resulted from an increase in banks' loans to the private industrial sector in local currency to EGP 597.5 bn by the end of March 2024, compared to EGP 550.7 bn by the end of 2023, with a growth of 8.49% and an increase of EGP 46.8 bn.

Banks' loan balances to the industry in foreign currencies rose to the equivalent of EGP 409.7 bn by the end of March 2024, compared to EGP 261.3 bn by the end of 2023, with a growth of 56.76% and an increase of EGP 148.3 bn.

As a result of a 49.83% increase in banks' loans to the private sector in foreign currency during the first quarter of this year, the industrial sector made a significant leap in foreign currencies to the equivalent of EGP 3.173 bn by the end of March 2024, compared to EGP 217.7 bn.