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Reading: Credit facilities for 100 largest bank clients increase to EGP 603bn: CBE
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Dailynewsegypt > Blog > Politics > Credit facilities for 100 largest bank clients increase to EGP 603bn: CBE
Politics

Credit facilities for 100 largest bank clients increase to EGP 603bn: CBE

Hossam Mounir
Last updated: 2023/01/03 at 12:24 PM
By Hossam Mounir 4 Min Read
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Credit facilities for 100 largest bank clients increase to EGP 603bn: CBE
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The Central Bank of Egypt (CBE) has revealed that the credit facilities granted to the largest 100 borrowers in the public and private business sectors amounted to about EGP 603bn in June 2022, with a growth rate of 18.8% compared to June 2021.

In its recent financial stability report, the Central Bank stated that these facilities are concentrated in 17 sectors, with 6 sectors accounting for 74.6%.

According to the CBE, the construction sector came with a rate of 23.7%, then the oil, natural gas and petrochemical sector with a rate of 14.4%, then the real estate development sector with a rate of 10.8%.

In fourth place came the iron and steel sector with a rate of 9.9%, then the non-banking financial sector with a rate of 9.4%, then the communications and information technology sector with a rate of 6.4%.

In a related context, the Central Bank revealed the pumping of EGP 13bn to finance small breeders through banks within the national project to revive veal.

The Agricultural Bank of Egypt was allowed to finance cooperative societies working in the field of agriculture, agricultural processing, dairy, fodder, poultry and livestock, within the framework of the Small Projects Initiative.

The Central Bank announced the financing of small farmers working in the field of raising female livestock, milk collection centres and poultry farms within the framework of the Small Projects Initiative.

The Central Bank said that EGP 55.5bn has been allocated through some banks in the form of interest-free good loans to be paid over 10 years as part of the national initiative to develop irrigation and convert to modern opinion.

In another matter, the Central Bank revealed the role of the banking sector in supporting the Hayah Karima Initiative, which was coordinated with the Ministry of Planning to participate in the first phase of the initiative, with the participation of a number of banks, through improving and developing the financial infrastructure in those villages, and raising awareness and financial education for citizens on the importance of financial inclusion and the provision of banking products and services.

According to the Financial Stability Report, the banking sector, during the first phase of the initiative and until June 2022, pumped EGP 2.3bn in financing for small and micro development projects.

Banks also deployed 380 ATMs, opened 36,000 bank accounts, made available 4.8,000 QR codes and points of sale that were distributed to merchants, developed 71 branches and established 10 new bank branches.

During the initiative, 9,200 new mobile phone wallets and 70,200 prepaid “Meeza” cards were opened.

11 banks are participating in the initiative, which are the National Bank of Egypt, Banque Misr, Banque du Caire, the Agricultural Bank of Egypt, QNB Alahli, the Commercial International Bank, the United Bank, the Housing and Development Bank, the Egyptian Export Development Bank, and Alex Bank.

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