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In Keeping with its Corporate Social Responsibility Commitments, Banque Misr Adopts Three Initiatives: Participating with the Federation of Egyptian Banks in Supporting those affected by the Novel Coronavirus at an amount of EGP 80 Million; Supporting 10
02/04/2020
Owing to Banque Misr’s firm belief in the importance of corporate social responsibility as a pivotal instrument in achieving sustainable development in multiple fields including education, culture, employment, public health, the environment and assisting the most deserving Egyptian villages and female breadwinners – as well as all matters pertaining to human development. And in light of the current situation – insofar as the substantial damages afflicting certain areas and villages in various Egyptian governorates due to severe weather fluctuations as of late (torrential rains and flooding) and the critical circumstances currently experienced by Egypt due to the novel Coronavirus – declared a global pandemic warranting the collaboration of all institutions affiliated with the state – which has thus far handled the crisis in a most apt and professional manner, while sparing no effort in assisting citizens to effectively tackle the virus – especially in lieu of its economic, social and health impact. The Bank has adopted three initiatives for contributing to mitigating the implications of torrential rain and flooding, as well as tackling the novel coronavirus.

 
Banque Misr participated in the initiative of the Federation of Egyptian Banks to assist with supporting families affected by irregular employment due to the Coronavirus, at an amount of EGP 80 million. These families are from the segments that were most affected by the measures limiting the spread of the Coronavirus, since they had to give up work due to curfews imposed by the Egyptian state; which banned gatherings, called for the reduction of labor and instigated other necessary measures in these testing times. Such measures greatly impacted daily and irregular workers, limiting their ability to earn a living and so this contribution will hopefully mitigate the negative effects of these repercussions, especially with the advent of the holy month of Ramadan.

 
The Bank also supported civil society institutions – represented by the Egyptian Food Bank and Misr El Kheir Foundation – to purchase 10,500 family parcels containing various basic foodstuffs, in addition to antiseptic materials to support the most deserving Egyptian families. This comes in light of the Bank’s constant strive to support all Egyptians during this critical time.

 
Banque Misr has also supported Misr El Kheir Foundation in the construction of  24 homes in Minya Governorate, owing to its keenness to support all Egyptians, especially the most deserving families that have been affected by weather fluctuations (flooding and torrential rain) affecting the country recently. Specifically, these include some areas and villages in Minya Governorate – being amongst the most deserving governorates of the country and one which has been hard hit by severe weather conditions.
 
The said initiatives underscore the Bank’s pioneering role in corporate social responsibility – due to this being one of the main tenets in which it passionately believes. This role is played both directly and indirectly through the Bank’s non-profit foundation "Banque Misr Foundation for Community Development", which holds registration number 7045/2007 and aims to develop and assist the Egyptian community by partaking in a number of activities and initiatives of a social nature, as well as to achieve the best for society in general. This is done in multiple fields including health, education, social solidarity and societal development – as exemplified by developing and improving the most deserving Egyptian villages via micro, small and medium enterprises and contributing to the provisioning of employment opportunities for youths and female breadwinners; in collaboration with Civil Society organizations. This is in addition to the development of slum areas and all that relates to the advancement of “human” capital. Banque Misr consistently promotes the forging of partnerships between all sectors of Egyptian society, by providing an exemplary model to be emulated, so as to contribute to achieving sustainable social development. It is worth noting that the Bank has expended some EGP 760 million in community development during the fiscal year 2018/2019.

 
Banque Misr believes that the collaboration between organizations and institutions to provide much needed assistance during this critical emergency is a responsibility and duty, as opposed to being a favor, while wishing health and safety to all.