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Egypt's non-banking finance hit $13bln in 9 months: FRA

Egypt - The total financing granted by the capital market and non-banking financial entities stood at EGP 646.6 billion during the first nine months of 2024, according to a report by the Financial Regulatory Authority (FRA). Stock issues accounted for EGP 365.4 billion, while securities other than shares reached EGP 23.6 billion.
The Financial Regulatory Authority (FRA) of Egypt reported that the non-banking financial sector, which includes activities like leasing, factoring, and consumer finance, reached a total of EGP 630 billion (approximately USD 13 billion) in the first nine months of 2023. This sector saw a significant increase in portfolio size by 18% compared to the same period in the previous year. The growth was driven by various segments: consumer finance grew by 20%, factoring by 10%, and financial leasing by 12%. Additionally, the number of contracts in consumer finance increased by 22%, with a notable rise in contracts for durable goods by 33%. The FRA also highlighted the sector's contribution to economic development, job creation, and financial inclusion, emphasizing its role in supporting small and medium-sized enterprises (SMEs) and enhancing financial stability.

Read the Full Zawya Article at:
[ https://www.zawya.com/en/business/banking-and-insurance/egypts-non-banking-finance-hit-13bln-in-9-months-fra-rhcl9c8e ]