HSBC will begin contributions to a range of projects in Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, and the UAE, to help roughly 80,000 underprivileged individuals and families impacted by the coronavirus. Of that amount, roughly 34,000 are in Egypt.
The disbursements, organised in close cooperation with HSBC’s partner charities across the region, will also help hospital workers in the frontlines against the virus.
Sabrin Rahman, HSBC’s Head of Sustainability in the Middle East, North Africa and Turkey (MENAT) said, “Our efforts in MENAT as part of the Group’s $25m COVID-19 charitable fund will be vitally important to our local communities. We have acted quickly to the urgent call for support by putting our resources to work where they have the biggest impact and donating to specific projects so that we are able to ensure accountability and track the real impact our funding has had on people’s lives.”
Rahman added, “We carefully selected local charity partners that have track records of being able to identify and help vulnerable communities by getting them food, medicine and education resources.”
“Over the last few weeks, we’ve brought forward a number of measures to look after our customers and to help them navigate through this challenging time. This initiative, in response to the tragic impact of COVID-19, will enable us to provide nearly 34,000 underprivileged individuals in Egypt with food and hygiene kits, and hot meals for hospital workers in Upper Egypt,” said Jacques-Emmanuel Blanchet, Deputy Chairman and CEO of HSBC Bank Egypt,. “Throughout our journey, HSBC Egypt has been committed to the communities we serve, and we will continue to identify opportunities where we can make a positive difference to those who need it most, and to help us all get through this together.”
HSBC’s MENAT disbursements will account for $1.2, of the $25m global fund, and underpin the bank’s existing long-term community programmes.
HSBC MENAT’s student-focused future skills programme will pivot to be delivered remotely, using e-learning channels. Its entrepreneur-targeted programmes, such as the Social Impact Accelerator (C3) and the TiE Mentorship Programme, will also adopt virtual and online sessions.
This regional news follows HSBC Group’s recent announcement of a $25m COVID-19 charitable fund to support the international medical response, protect vulnerable people, and ensure food security.