Egypt’s banking sector contributes EGP 3.9b to CSR projects in 2024: CBE

Egypt’s banking sector has contributed 3.9 billion Egyptian pounds ($76.3 million) to community and development projects in 2024, with a strong focus on healthcare, education, and social welfare, the Central Bank of Egypt (CBE) said on Wednesday.

The CBE stated that the funds were channelled into key sectors that align with the country’s sustainable development goals, including healthcare (2.5 billion pounds), social care (447 million pounds), slum development (178 million pounds), and empowerment of women (149 million pounds) and people with disabilities (136 million pounds). The education sector received 110 million pounds in support.

“These contributions reflect the banking sector’s continued efforts to support Egypt’s most vulnerable populations and promoting inclusive growth,” the CBE said in a statement, adding that it continues to play a pivotal role in mobilising financial institutions for national development.

Additional allocations included 100 million pounds for entrepreneurship and SME development, 22 million pounds for sports, arts, and culture, and 18 million pounds for national initiatives. Banks also sponsored the national Health and Population Conference, while 153 million pounds was distributed across various public service sectors.

The central bank emphasised that banks will maintain their support for priority development sectors as part of an ongoing strategy to complement government efforts and uplift living standards across all governorates.

Attribution: Amwal Al Ghad English