FEB: 75% of Egypt Banks Effective in ‘Informal Areas’ Initiative

75% of total banks in Egypt decided to have their active role in upgrading informal areas and slums across the country. This  comes since the Federation of Egyptian Banks (FEB) announced an initiative last year focused on allocating portions of banks’ earnings in upgrading the informal areas in Egypt.

According to senior sources from FEB, there were some banks operating in Egyptian market declined to take part in the FEB’s initiative for informal areas.

In 2013, the Federation announced an initiative based on allocating 1.5-2% of banks’ earnings designated to upgrade informal areas in cooperation with Egypt’s ministry for local development.

The sources further added to Amwal Al Ghad that some banks participated in the FEB’s initiative have not posted profits in 2013, yet they decided to undertake their social responsibility, notably the Egyptian Arab Land Bank (EALB).

In the same vein, Mohamed Ozalp – Blom Bank Egypt’s Managing Director and  CEO – announced last week his bank’s contribution to the FEB’s initiative with EGP 1 million.