The Banking Executive Magazine - March 2021

Banks in Egypt Banks in Egypt SEE $154.9BLN CREDIT FACILITIES IN NOVEMBER 2020: CBE The Central Bank of Egypt (CBE) has revealed the volume of credit facili- tiesgranted by banks operating in the local market reached about EGP 2.448trn in November 2020. It said that the volume of these facil- itiesincreased by EGP 248.3bn dur- ing the period from July to November 2020, reflecting a growth rate of 11.3%. Credit facilities refer to the loans granted by banks to their clients, in addition to documentary credits, and letters of guarantee opened for them to cover import operations. In its monthly report, the CBE attrib- uted this rise to an increase in the volume of credit facilities granted by banks to the government by EGP 129.1bn at a rate of 19.2%. There was also an EGP 119.2bn increase in the volume of facilities granted to non-government entities, at a rate of 7.8%. The CBE noted that the increase in funds granted to non-government en- tities was driven by the increase in the volume of facilities in local cur- rency, at a value of EGP 120.8bn. There was an additional increase in the BANKING EXECUTIVE 18 ISSUE 147 MARCH 2021