The Central Bank of Egypt (CBE) revealed on Monday that bank credit facilities increased to about EGP 4.482trn in March 2023, compared to about EGP 3.564trn in June 2022, an increase of EGP 917.2bn.
Credit facilities are loans granted by banks to their customers, along with documentary credits and letters of guarantee that are opened to cover import operations.
In its newly issued monthly report, the Central Bank said that credit facilities to government and non-government entities increased by EGP 502.3bn (37%) and EGP 414.9bn (18.8%), respectively.
According to the CBE, the increase in credit facilities granted to the government came as a result of the increase in both local and foreign currencies liquidity by EGP 65.5bn and the equivalent of EGP 436.8bn, respectively.
The private sector accounted for 62.7% of the total non-governmental credit facilities until March 2023. The industrial sector accounted for 29.5% of the total non-governmental credit facilities, followed by the service sector by 27.2%, then the trade sector by 10%, and the agricultural sector by 2.2%.