Banks in Egypt to donate EGP150mln to aid coronavirus affected

By Amwal Al Ghad English On Apr 2, 2020

Mohamed El-Etreby Banque Misr CI Capital — Mohamed El-Etreby - chairman of Egypt's second-largest state lender, Banque Misr

The Federation of Egyptian Banks (FEB) and the Central Bank of Egypt(CBE) have launched a joint initiative for banks to donate 150 million Egyptian pounds in support to those affected by the ongoing coronavirus (COVID-19) pandemic.

According to the initiative, bank donations will be divided into four segments, said FEB Head Mohamed El Etreby.

Banks that with profits of 5 billion or more will donate 80 million while banks that made profits of between 3bn-5bn pounds will donate 40 million pounds

However, banks that made profits of between 1bn-3bn pounds will donate 20 million and banks that made profits of less than 1bn pounds will donate 10 million.