The Federation of Egyptian Banks is to create an emergency fund of EGP 700m to support seasonal workers, Banque Misr Chairperson and FEB Head, Mohamed El-Etreby, announced. The fund’s creation comes in light of the ongoing effects of the coronavirus pandemic, which has had a serious effect on employment globally, among other side effects.
The donations have been collected by banks, El-Etreby said in television statements on Wednesday, adding that employees can also make separate donations if they wish to. He noted that the Ministry of Social Solidarity is responsible for disbursing the funds as it sees fit.
The Central Bank of Egypt (CBE) had launched an initiative to help those affected by the coronavirus by dividing banks into categories according to profits in the previous year. This includes a segment for banks that made EGP 5bn and would donate EGP 80m, while banks with profits of between EGP 3b and EGP 5bn will donate EGP 40m. Banks that made profits of EGP 1bn-EGP 3bn would donate EGP 20m, whilst those that realised profits under EGP 1bn would donate EGP 10m.