Egyptian banks contribute EGP 559.462 million to CSR in Q1 2023, including EGP 4.582 million to "Decent Life" initiative and EGP 24 million to Tahya Misr Fund.
CSR contributions include EGP 4.582 million from banks towards the presidential initiative "Decent Life" and EGP 24 million towards the Tahya Misr Fund — File Photo
Egyptian Banking Sector Contributions to Corporate Social Responsibility (CSR) reached a total of EGP 559.462 million during the first quarter of the current year 2023. These contributions include EGP 4.582 million from banks towards the presidential initiative "Decent Life" and EGP 24 million towards the Tahya Misr Fund.
Lamis Najm, Advisor to the Governor of the Central Bank of Egypt for CSR and Chair of the Sustainable Development Committee at the Egyptian Banks Union, revealed in press statements that the banks' contributions to CSR were distributed across more than 11 sectors.
The healthcare sector accounted for the largest share, with EGP 402.774 million, followed by the education sector with EGP 14.184 million, and the social welfare sector with EGP 78.476 million.
She pointed out that development projects in the governorates and the improvement of informal settlements received EGP 4.376 million, while projects for people with disabilities received EGP 40.518 million. Entrepreneurship, small and medium-sized enterprises (SMEs) projects received approximately EGP 4.265 million.
Regarding national initiatives, the total bank contributions amounted to EGP 6.5 million during the first quarter of the current year, with sponsorships receiving EGP 150,000 over three months.
She further stated that the "Empowering Egyptian Women" programs received EGP 1.707 million, while the fields of sports, arts, and culture received EGP 5.890 million. Approximately EGP 600,000 was allocated to environmental projects, and EGP 20,000 was allocated to other sectors.
In earlier statements, Najm affirmed that the strategy of the Central Bank and the banking sector as a whole is an integral part of the state's plan to achieve economic and social development. This plan is a collaborative effort among all state entities and aligns with the Vision 2030, coinciding with the upcoming Climate Summit, which highlights Egypt and the region and contributes to the public good.
Najm pointed out that the banking sector participates in developmental presidential projects, such as the "Decent Life" initiative, which aims to rehabilitate and develop homes and provide essential services to the most vulnerable families in society, including water and electricity connections, as well as the improvement of schools and hospitals. Additionally, the bank is committed to creating employment opportunities within this development project.
During the discussion, Najm added that the primary goal of the Egyptian banking sector is no longer solely to attract more customers and maximize profitability. It has become an active partner in addressing financial and social crises faced by citizens, aiming to establish the banking sector as a leading player in sustainable finance to ensure its self-growth alongside environmental and societal development.
She further elaborated that since 2014, the bank has been allocating a portion of its net profits to community development and meeting the needs of individuals in various sectors. Notably, the health sector has received significant attention through bank contributions in providing medical equipment, supporting medical research, and eliminating waiting lists for treatment at the state's expense in collaboration with the Ministry of Health.
