Banks raise their loans to the industrial sector by EGP 254.4 bn in 4M

The latest statistical bulletin of the Central Bank of Egypt showed that the amount of loans provided by banks to the industry sector during the first 4M of 2024 increased by 29.93%, with an increase of EGP 254.4 bn.

According to newly released data, banking loans for the industrial sector rose to 1.10 trillion by the end of April 2024, compared to EGP 850.1 bn by the end of 2023.

This comes in the light of the increasing attention paid by Egypt 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 in local currency rose by 18.20% in the first 4 months of this year, reaching EGP 695.96 bn by the end of April 2024, compared to EGP 588.8 bn by the end of 2023, representing an increase of EGP 107.2 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 632.4 bn by the end of April 2024, compared to EGP 550.7 bn by the end of 2023, with a growth of 14.84% and an increase of EGP 81.7 bn.

Banks' loan balances to the industry in foreign currencies rose by 56.34% in the first 4 months of this year, reaching the equivalent of EGP 408.6 bn by the end of April 2024, compared to EGP 261.3 bn by the end of 2023.

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 currencies to the equivalent of EGP 315.2 bn by the end of April 2024, compared to EGP 217.7 bn by the end of 2023, with a growth of 44.78%, and an increase of EGP 97.5 bn and exchange rate change was a major reason for this surge.