Banks operating in Egypt spend EGP 882.9m in CSR during 1H 2022: CBE advisor

Banking sector is major supporter of all state-initiated social, development initiatives

The banking sector always supports community and development initiatives launched by the state, says Lamise Negm, Advisor to the Governor of the Central Bank of Egypt (CBE) for Corporate Social Responsibility (CSR), and Head of sustainability committee at the Federation of Egyptian Banks.
This came during a roundtable organized by the Ministry of Social Solidarity in cooperation with the CBE, with the aim of developing a social responsibility strategy and discussing ways of cooperation in the ministry's various programmes.
During the meeting, Negm presented the efforts of the banking sector and its societal and development initiatives to support the neediest groups and achieve Egypt's Vision 2030.
She noted that the banking sector strategy works in line with the state's vision, in focusing on economic plans to support youth projects and economic and social development, providing new job opportunities for young people through national projects, and qualifying youth to assume tasks and responsibilities in the state.
Negm added that her committee places the development of youth capabilities and the contribution to human development among its priorities, as it offers training for youth to qualify them for the labour market, especially female breadwinners.
She pointed out that the contributions of banks in the field of CSR during the first half (1H) of this year amounted to about EGP 882.9m; divided into EGP 628.01m for the health sector, EGP 38.6m for education, EGP 71.4m for social aid, and EGP 10.6m for development projects, EGP 29.6m for people with special needs, and EGP 3.9m for women empowerment projects.
The sector also directed EGP 14.5m to support entrepreneurship and small and medium enterprises (SMEs), EGP 625,000 for environmental projects, EGP 7.6m for sport, art, and cultural projects, EGP 52.3m for conferences and awareness seminars, EGP 20m for national initiatives, and EGP 5.8m for other projects that serve all segments of society.
Negm expected an increase in banks' CSR contributions in the coming months, given the banking sector's role in supporting the initiatives related to the upcoming climate summit "COP27" next November.
Negm pointed out that focusing on the developmental aspect of community initiatives is a necessity, by rehabilitating and developing the thought and culture of citizens in the areas where they implement their initiatives, and urging them to work by providing the necessary equipment to implement their projects.
She added: "The sector contributes by providing in-kind support, not cash, that is, by providing citizens' needs and necessary services, and encouraging them to work and innovate to become a productive society and not a permanent recipient of support."
The advisor to the central bank governor for social responsibility and head of the sustainable development committee at the Federation of Banks added that there are many proposals that are now being studied, and are being put forward based on the priorities of the banking sector, taking into account the latest events.
She pointed out that in conjunction with COP27, all banks are intensifying their efforts to support environmental activities, as there are presidential mandates to expand investments in green economy projects, which contribute to achieving sustainable development, and the Central Bank and the Federation of Egyptian Banks have a major role in supporting projects with environmental character.
She explained that the Federation is also working to support projects that take into account the environmental dimension such as eliminating informal settlements in the most polluted area of Helwan, which includes many factories, supporting waste recycling projects, planting rooftops, and afforestation of many roads.
Negm pointed out that the Federation invited all banks to participate in the national initiative for smart green projects launched by the Ministry of Planning by a decision of the Cabinet, to be implemented in all governorates in the context of preparations for Egypt's hosting of COP27.
The initiative aims to develop a map at the governorate level for green projects, link them to funding agencies, and attract the necessary investments. It also focuses on projects that achieve environmental sustainability standards that enhance energy and resource efficiency, biodiversity, and ecosystem services that help adapt to climate changes.