Kafalat issued 732 guarantees in the first 10 months of 2014, with a total value of 93.70M, compared to 731 guarantees worth $99M for the same period in 2013. Correspondingly, the average value per loan edged down from $135,429 by October 2013 to $128,009 this year.
The agriculture sector was the main sector to benefit from Kafalat guarantees with a share of 48.09%, followed by industry and tourism, with respective shares of 35.11% and 11.20% for the first 10 months of 2014. The guarantees of the agriculture and industry sectors increased by 45 and 6 to 352 and 257, respectively. Meanwhile guarantees in the tourism sector actually declined by 40 to reach 82, caused by the poor political and economic stability.
As for the regional breakdown, Mount Lebanon continued to grasp the majority of guarantees, with a 42.76% share, followed by respective shares of 19.81% and 11.89% for the Bekaa and South regions. The guarantees issued in Mount Lebanon jumped up to 314 guarantees, from a previous 295, while the Bekaa and the South witnessed declines from 162 and 93 guarantees to 145 and 87 guarantees, respectively, by October 2014.
In October alone, Kafalat issued 62 guarantees, representing a 27.91% drop from 86 guarantees in the same month last year. The value of loans guaranteed by Kafalat totaled $6.99M in October 2014, down from $11.57M in October 2013. Accordingly, the average value per loan stood at $112,724 down from $134,486 per loan in October 2013.
Breakdown of Kafalat Guarantees by Sector in October