Egypt banks donate 2% of their profits for economy

In a move to revitalize the Egyptian economy and carry societal responsibility in the upcoming period, Egyptian operating banks agreed on cutting 2 percent of their profits to boost Egypt’s economy, chairman of Banque du Caire board of directors Mounir Al-Zahed announced at the People and Banks conference Thursday.

A fund was established at the Central Bank of Egypt to collect the sums, Zahed said and that a senior committee from the Federation of Egyptian Banks (FEB) will run the fund, Al-Ahram news gate reported. This would develop infrastructure and flourish small and mid-cap enterprises.

The allowable money liquidity in banks ups to more than 500 billion EGP, Zahed said. “The Egyptian operating banks will pump more sums to fund a large number of major developmental projects.”

Head of National Bank of Egypt (NBE) and chairman of FEB Hisham Okasha announced that besides the developmental projects, Egyptian banks will focus on funding the Small and Mid-Cap Enterprises (SME), Al-Wafd news gate reported.

“NBE is set to receive $80 million in loans from one international fund institutions soon,” Okasha unveiled, pointing out that the total sum will be completely pumped into SMEs.