FEB: 2% of Egypt Banks’ Annual Profits Designated For Slums

The Federation of Egyptian Banks (FEB) headed by Mr. Hisham Ezz Al-Arab, has agreed with the Ministry of Local Development to allocate the annual profits of the banks which ranging between 1.5% to 2% during the last week in order to develop the slums.

An official source has emphasized to Amwal Al Ghad in an exclusive that the banks agreed to put its allocated profits so as to develop the slums in the funds of FEB with initial capital up EGP 150 million.

The source has indicated that the banks are aiming to develop the slums areas across republic  within the framework of the social responsibility to the banks, the first phase will develop about 15 slum areas.

There are 40 banks in Egypt with total branch network of 3650 branches, in addition the National Bank of Egypt (NBE)at the top of the banks which hit EGP 3 billion profits within the last fiscal year.

It is worth mentioning that HSBC Egypt allocated EGP 100 million financing to develop slum areas in the Southern districts of the capital Cairo, on 5 stages ending in 2013, in order to develop markets, schools and youth centers.