(AFP Photo)
The total number of bank loans made in Egypt in November 2012 increased by EGP 2bn, reaching EGP 507.8bn compared to EGP 505.7bn in October 2012.
A Central Bank of Egypt report showed weak levels of growth in funding for all of Egypt’s economic sectors, including agriculture which has remained relatively stable for the last several months.
Loans to Egypt’s industrial sector represented the largest share of increases for the month of November, increasing by EGP 1.7bn, from EGP 158.5bn in October 2012 to EGP 160.2bn.
According to the report, loans made to Egyptian industry made in local currency increased by EGP 1.6bn, from EGP 105.3bn by the end of October 2012 to EGP 106.9bn in November 2012. Loan balances made in foreign currency increased by EGP 100m, rising to EGP 53.3bn in November 2012, compared to EGP 53.2bn in October 2012.
The service sector saw the second-largest increase in the value of its loans, increasing EGP 800m in November 2012 to EGP 129.6bn, compared to EGP 128.8bn in October 2012.
Loans made in local currency increased by EGP 700m to EGP 87.2bn in November 2012, compared to EGP 86.5bn by the end of October 2012, whereas loans made in foreign currency increased by EGP 100m from EGP 42.3bn to EGP 42.4bn during the same period.
Egypt’s commercial sector saw the third largest increase in the value of its loans in November 2012, with the Central Bank stating that this number had increased by EGP 300m reaching EGP 50.6bn, as opposed to EGP 50.3bn for October 2012.
The amount of loans made in local currency during this period increased by EGP 400m, from EGP 41.5bn in October 2012 to EGP 41.9bn by November 2012. The amount of loans in foreign currency, however, decreased by EGP 100m, hitting EGP 8.7bn by November 2012, as opposed to EGP 8.8bn in October 2012.
Loan balances for Egypt’s agricultural sector increased by EGP 100m by the end of November 2012 for the first time in several months. Relative stability within the sector had previously caused its level of federal funding to decrease from June to October 2012 from EGP 5.7bn to EGP 5.6bn.
The value of loans made in local currency increased by EGP 100m, reaching EGP 4.6bn by November 2012 as opposed to EGP 4.5bn in October 2012. The total value of loans made in foreign currency remained stable at EGP 1.1bn.
The amount of loans made in November 2012 to all economic sectors increased by EGP 2.2bn compared to the same month in 2011, from EGP 505.8bn to EGP 507.8bn.
The report also found that the value of loans made to the Egyptian government had decreased by EGP 1.3bn from October 2012 to November 2012, going from EGP 33bn to EGP 31.7bn.
Loans made to non-government institutions, on the other hand, increased by EGP 3.3bn during the same period, from EGP 472.7bn to EGP 476bn.
