The Federation of Egyptian Banks (FEB) and the Central Bank of Egypt (CBE) have launched a joint initiative to support those affected by the ongoing coronavirus (COVID-19) pandemic.
FEB Head, Mohamed El Etreby, said that according to the initiative, bank donations will be divided into four segments. Banks that made profits of EGP 5bn or more, donate EGP 80m. Banks that made profits of between EGP 3bn-EGP 5bn will donate EGP 40m. Banks that made profits of between EGP 1bn and EGP 3bn will donate EGP 20m. Banks that made profits of less than EGP 1bn will donate EGP 10m.
El Etreby added that the amount will be divided into three month segments through April, May and June. He noted that bank employees are free to donate the appropriate amount according to their vision and choice in light of each bank’s policy.
The CBE and Banque Misr jointly agreed to open an account (H / Emergency and Crises No. 2030) to manage these donations.
El Etreby said this move comes in light of current global conditions with the emergence of the coronavirus and its repercussions on the Egyptian economy. He also said that the total and partial closures witnessed by many sectors are a continuation of the FEB’s social responsibility efforts.
According to El Etreby, this was achieved through communicating with state agencies, the CBE and Hala El-Said, Minister of Planning and Economic Development. El-Said is also head of the Technical Secretariat of the National Committee, responsible for coordinating and integrating the efforts and initiatives undertaken by financial institutions, companies, businessmen and civil work institutions.
El Etreby said a letter was sent to all bank heads in Egypt in support of the current conditions, and which will help workers affected by the ongoing conditions.
El Etreby added that the banking sector’s role has always been to support the state and citizens in overcoming crises.