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Banks’ credit facilities see EGP 218.6bn rise in 11 months - Daily News Egypt

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Banks’ credit facilities see EGP 218.6bn rise in 11 months

Private sector accounts for 60.8% of total facilities, with industry in the lead, says CBE

Total credit facilities granted by banks operating in Egypt to their customers increased by EGP 218.6bn to EGP 1.848tn during the period from July 2018 to May 2019, according to the Central Bank of Egypt (CBE).

A credit facility is a type of loan made in a business or corporate finance context, including revolving credit, term loans, committed facilities, letters of credit, and most retail credit accounts.

In its monthly report on the performance of banks and the economy, the CBE explained that the private sector has obtained about 60.8% of the total credit facilities granted by banks to all bodies excluding the government until May 2019.

It added that the industry sector has denominated 34.1% of these facilities, followed by services by 27%, household by 26.6%, trade by 10.7%, and agriculture by 1.6%.

In another context, the CBE also announced the decline of personal loan portfolios at banks by EGP 23.3bn to EGP 1.835tn by the end of May against EGP 1.858tn in April.

The CBE added that government loans shrunk by EGP 28.5bn to EGP 540.4bn in May against EGP 569bn in April.

Government loans in local currency fell by EGP 28.8bn, while they increased in foreign currency by EGP 424m.

The CBE added that loans to private sector in local and foreign currencies increased by EGP 5.2bn at the end of May to reach EGP 1.294tn up from EGP 1.289tn at the end of April.

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