Nasser Social Bank Contributes EGP 1.9 Bln To Solve Housing Crises

The Nasser Social Bank plays an important role in solving the housing crisis as it financed about 85,311 persons of the low-income people with about EGP 1.9 billion to have suitable houses, said Dr. Nagwa Khalil, Minister of Insurance and Social Affairs.

The Minister said in a statement today that reviving zakat (alms) is one of the main targets of the bank as it has zakat committees spread all over Egypt which receive cash and in-kind zakat funds to disburse them to Sharia channels. The bank disbursed zakat funds of EGP 210.4 million to 2, 546,485 recipients.

The bank also provides the poor families with their essential needs especially in cases of illness and crises as the lender offered cash and in-kind subsidies of about EGP 22 million for 2, 0971 persons.

The Nasser Social Bank also works on financing the existing small enterprises as it offered EGP 945.5 million for 48,261 persons to develop their enterprises.

The bank paid EGP 34 million for 3, 981 persons to develop productive projects of youths, EGP 88.6 million for 4, 207 persons to furnish their house and EGP 933.6 million for 9, 025 persons to buy means of transport.

As part of its efforts in supporting national economy, the bank paid EGP 319 million to establish new companies or increase its stakes in existing companies.

Khalil concluded that the bank aims at developing the community and supporting the needy.