Credit facilities for Egypt’s productive sectors initiative hit $1.38bln until June 2024

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Arab Finance: The total balance of credit facilities provided for 2,592 authorized customers under the productive sectors initiative amounted to around EGP 67.48 billion until June 2024, Minister of Finance Ahmed Kouchouk stated.

Kouchouk noted that 96% of the total facilities were directed toward capital financing.

Around 78% of the initiative’s total funding went to the industrial sector, while the agricultural sector and new and renewable energy sectors received roughly 22% and 0.6%, respectively, the minister added.

Additionally, the government endured interest rates spread of around EGP 3.943 billion for the initiative’s productive sectors for the fiscal year (FY) 2023/2024.