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Federation of Egyptian Banks contributes EGP 500m towards COVID-19 vaccine - Daily News Egypt

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Federation of Egyptian Banks contributes EGP 500m towards COVID-19 vaccine

Banks working in Egyptian market have donated over EGP 750m towards this cause

The Federation of Egyptian Banks (FEB), headed by Mohamed El-Etreby, has contributed EGP 500m towards Egypt’s purchase of vaccines for the novel coronavirus (COVID-19) pandemic.

The FEB provided the financing for the vaccines, which will be given to the most deserving groups, in cooperation with the Tahya Misr Fund, and with the participation of the member banks.

The largest share of this amount was contributed by the National Bank of Egypt (NBE), Banque Misr, the Commercial International Bank (CIB), QNB Alahli, Banque du Caire, and the Arab African International Bank (AAIB).

The FEB’s support continues its pivotal role in supporting the Egyptian state’s efforts to combat the coronavirus, under the auspices of the Central Bank of Egypt (CBE).

Since COVID-19’s declaration as a global pandemic, the FEB has put in mind the safety and health of the Egyptian banking sector’s workers and dealers. This comes out of its keenness to play its role in the field of social responsibility, and putting in place initiatives that aim to support the local community under all circumstances.

The FEB believes that, in light of the critical conditions the world is going through,  all efforts must be united to combat it, especially because of its economic, social and health implications.

At the forefront of those efforts comes the coordination of a donation campaign for those affected by the repercussions of the coronavirus. Banks working in the Egyptian market have donated over EGP 750m towards this cause.

Moreover, the collective action, integration, coordination, and contributions of all community institutions have a positive impact in facing crises.

In recognition of the FEB’s efforts in this field, the World Union of Arab Bankers granted the federation the award for outstanding performance against the coronavirus crisis for the year 2020.

In the selection of the winners, the union depends on a wide range of international standards, in addition to the opinions of a distinguished group of professional analysts.

The participation of banks in supporting and providing the coronavirus vaccine to deserving groups comes from the pioneering role of these banks in the field of social responsibility. This comes as one of the most important pillars of support to the Egyptian community.

Many initiatives have been put into effect in the fields of health, education, social solidarity, and community development. These include projects to develop Egyptian villages most in need, through small and micro enterprises.

This in turn generates jobs for youth and women who are their family’s breadwinner, in cooperation with civil society organisations, slum development, and other aspects that involve human development.

Banks are always working to encourage partnerships between the different sectors of Egyptian society, by presenting a successful model in society that will be subsequently generalised on all levels and sectors. This works to contribute to the actual development and revival of society.

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