BM is The First State-Owned Bank to Comply with GRI Standards

 

 

Banque Misr is the first state-owned bank to comply with the Global Reporting Initiative (GRI) standards on its reporting framework in terms of governance, human rights, combating corruption, community engagement, in addition to environmental protection and safety.  The GRI global network of thousand entities adopts transparency in reporting framework to achieve greater community participation and prosperity.

 

Since its establishment, Banque Misr’s seeks to provide an array of banking services to all Egyptians. BM adopts an approach that is not solely focused on attaining financial profits, but also on having a positive strategic impact on the national economy through supporting different industries. Banque Misr owns the largest branch network in Egypt and the Middle East with more than 580 branches spread across the country. Banque Misr’s branches serves different segments in the society pursuing financial inclusion, which is considered a vital aspect to achieve sustainable development for having direct impact on enhancing financial rates and social stability.

 

In terms of efforts exerted in creating a financially inclusive community, Banque Misr is ranked the first place for the eleventh consecutive year with around 2.4 million issued salary cards, 3.4 billion pounds payroll payments. In addition, the bank is ranked the third for its ongoing efforts for offering a wide range of electronic payment services including taxes and customs through its 297 branches, with an aim of transforming Egypt into non-money based community.

 

Moreover, Banque Misr has participated in several initiatives and protocols that in return have served the community including the Central Bank of Egypt’s mortgage initiative for the unprivileged and middle-income individuals, whereas a total of EGP 869 million loans have been issued on 31 December 2016 for a total of 10309 beneficiaries.

 

BM financed "Mashroak" initiative which aimed at achieving community development through supporting micro and small enterprise with a total granted loans valued EGP 1.08 billion for a total of 32361 clients on 31 December 2016.


Banque Misr is also taking into account all the aspects for achieving sustainable development in the energy and emissions fields in addition to other principles that highlight the link between financial and non-financial performance, risk mitigation, embracing governance-based plans, cost reduction, and compliance with standards and laws. The bank is financing environmentally friendly projects that aim to achieve sustainable development, with emphasis on the commitment of all parties involved within the Bank to these standards, all of which are continuously supervised.

 

Furthermore, the bank has allocated 5 billion pounds in order to finance electricity from environmentally friendly energy resources in compliance with The Egyptian government renewable energy plans that aims at building 3 power plants, and has allocated a total of 450 million pounds to construct alternative energy units. In addition, the bank scrapped and replaced Taxi cars with new natural gas vehicle to reduce carbon emissions.

 

As per BM's strong belief in supporting social responsibility, as one of the pillars of achieving sustainable development, the Bank participated directly or indirectly through "Banque Misr Foundation for Community Development," an independent non-profit organization, contributing to the comprehensive development of various social aspects including education, culture, employment, public health and environment, in addition to supporting the most-in-need villages and women's projects.

 

This comes in line with being the first national bank to comply with “UN Global Compact” for year 2015, as a result of the bank's continuous quest in promoting corporate social responsibility and advance ten universal principles in the areas of discrimination, equality, human rights, child-labor, environment, governance, and anti-corruption.