Banque Misr has signed a cooperation protocol with the Governorate of Alexandria and the Egyptian Ministry of Defence, contributing EGP 300 million to launch a community development program in the Ma'awa el Sayadeen and Naga el Arab area in West Alexandria.
The protocol was signed by Governor of Alexandria Gen. Reda Farahat, the Commander of the Northern Military Region, and Chairman of Banque Misr Mr Mohamed El-Etreby. The project will be undertaken under the supervision of the Northern Military Region, in coordination with both the Governorate of Alexandria and the Slum Development Fund affiliated to the Cabinet.
The project, which will be established over an area of 54 acres, comprises the overall development and establishment of a residential area of 30 acres. The area will include 4,960 residential units and commercial areas, in addition to the execution of roads, facilities, and an educational area.
The protocol comes within the framework of the general state policy aiming to provide average citizens with special care and support, and seeking to provide all them with all possible means for a dignified life, in order to realize their hopes and ambitions, through developing informal settlements.
Banque Misr is moreover committed to prioritizing comprehensive development projects and social welfare, to create added value that will aid in the development of Egyptian society. The bank has contributed to numerous projects for the development of Egyptian villages and informal settlements, in order to improve the quality of life for residents of these areas. The bank aims to do so through improving the standards of educational and health services, and providing training and employment opportunities for young people, in addition to improving the infrastructure for houses that are unfit for habitation, delivering water, and organizing medical convoys to serve residents.
Banque Misr constantly seeks to serve as an example for other institutions working on community welfare, through all means and in all fields, in order to achieve sustainable development in Egypt.