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Private sector acquires 61.9% of commercial credit facilities: CBE The total facilities granted to the government by banks until the end of June rose by EGP 25.619bn to EGP 66.421bn, compared to EGP 40.802bn at the end of June 2014.
The private business sector acquired 61.9% of the total commercial credit facilities balance granted by banks until the end of June 2015, according to the Central Bank of Egypt (CBE). A recent CBE report revealed that the balance of credit facilities granted by banks to various economic sectors jumped by EGP 130.1bn in fiscal year (FY) 2014/2015. It reached EGP 717.999bn at the end of June 2015, against EGP 587.852bn by the end of June 2014, marking a growth rate of 22.1%. According to the CBE, total credit facilities granted by commercial banks reached EGP 651.578bn at the end of FY 2014/2015, compared to EGP 547.05bn in FY 2013/2014, marking an EGP 104.528bn increase. The total facilities granted to the government by banks until the end of June rose by EGP 25.619bn to EGP 66.421bn, compared to EGP 40.802bn at the end of June 2014. "The industry sector alone received about 34.5% of the balances of credit facilities during the last fiscal year, while the services sector received 25.5% of the total of these facilities. The trade sector got 10.3%, while the agriculture sector got only 1.3% of the total credit facilities granted by banks until the end of last June," the CBE reported. The CBE added that the total credit facilities granted by banks to the industry sector in local and foreign currencies amounted to EGP 224.851bn at the end of June. Of this amount, EGP 134.679bn was in local currency, and the equivalent of EGP 90.172bn was in foreign currencies. The services sector received approximately EGP 165.927bn of the total of these facilities during FY 2014/2015, according to the CBE. Of this amount, EGP 105.611bn was in local currency, and the equivalent of EGP 60.316bn was in foreign currencies. The CBE added that the total credit facilities obtained by the trade sector during FY 2014/2015 reached EGP 67.198bn, of which EGP 50.024bn was in local currency, and the equivalent of EGP 17.174bn was in foreign currencies. The agriculture sector received EGP 8.429bn of these facilities, of which EGP 5.834bn was in local currency, and the equivalent of EGP 2.595bn was in foreign currencies.
