(4 minutes read)
· Egyptian banks have contributed EGP 700million to support daily laborers, according to Mohamed El-Etreby, President of the Federation of Egyptian Banks (FEB), who is doubling as the Chairperson of Banque Misr.
· The donations have been given to a fund dedicated to this purpose.
· The FEB in April launched an initiative in cooperation with the Central Bank of Egypt (CBE) to support workers who were affected by the impact of the pandemic
Egyptian banks have contributed EGP 700million to support daily laborers, according to Mohamed El-Etreby, President of the Federation of Egyptian Banks (FEB), who is doubling as the Chairperson of Banque Misr. The donations have been given to a fund dedicated to this purpose.
The FEB in April launched an initiative in cooperation with the Central Bank of Egypt (CBE) to support workers who were affected by the impact of the pandemic. Bank contributions were divided into four segments based on the profits they made in 2019. Banks with profits of EGP 5 billion or more donated EGP 80 million, whilst banks that achieved profits of EGP 3 billion to EGP 5 billion donated EGP 40 million. Banks that made profits of EGP 1 billion to EGP 3 billion donated EGP 20 million and banks that made profits less than EGP 1billion donated EGP 10 million.
The project, which is a part of the corporate social responsibility of the FEB is designed to support those most severely affected by the pandemic. It has also the support of the state agencies, such as financial institutions, companies, businesspeople, NGOs etc. Banque Misr’s corporate social responsibility efforts have seen the bank contribute EGP 1.5bn during fiscal year (FY) 2019/2020.
