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To Optimize the Utilization of Land Plots… Collaboration Protocols Concluded by and between the Ministry of Defense, National Bank of Egypt and Banque Misr
02/09/2021

In line with state directives and in coordination with the Central Bank of Egypt, a number of joint collaboration protocols were signed by and between Banque Misr and the National Bank of Egypt on one hand; and the Ministry of Defense on the other. This is with the objective of optimizing the utilization of several land plots jointly owned by the two banks, as well as other lands owned by Banque Misr and its subsidiaries in the governorate of Alexandria, as part of the project involving the development of “Mahmoudia Axis”.

The protocols were signed by and between General Ahmed El-Azzazi – Vice President of the Armed Forces Engineering Authority – Mr. Hisham Okasha – Chairman of the Board of NBE and Mr. Mohamed El-Etrebi – Chairman of the Board of Banque Misr. The protocols target the development of real estate assets owned by the two banks, while investing these assets and optimizing their utilization, in line with the state’s efforts towards driving social and economic development, attracting new investments and providing more employment opportunities. A number of other protocols are also currently under consideration for ensuring the ideal utilization of the remaining lands.

This comes in light of the Bank’s pivotal role in contributing to the realization of the state’s strategic objectives, insofar as achieving social and economic development for Egyptian citizens.

Worth noting is that some of these land plots will be utilized in housing projects allocated for low-income segments. In this respect and owing to the leading role played by Banque Misr in the area of social responsibility, the Bank and its subsidiaries have contributed some 30 acres of land to “Bashaer Elkheir” project for low-income housing. This is due to the Bank’s firm belief in the importance of collaborative efforts in contributing to providing an improved quality of life for Egyptian citizens, as well as suitable housing to alleviate the burdens of the most deserving segments, in line with the state’s plans for comprehensive development.