The biggest names in banking are banding together to do their part for Egypt’s fight against Corona.
Over thirty banks currently operating in Egypt are putting their rivalries aside and doing their part in the fight against the Coronavirus. The members of the Federation of Egyptian Banks are set to donate a total of EGP 150 million to the thousands of families that have been affected by the pandemic and the subsequent nationwide lockdown.
The exact amount that each bank is to donate is dictated by that bank’s annual profit over the last year and the money will be issued over the months of April, May and June. The initiative – which is being executed in collaboration with the Central Bank of Egypt – has also been extended to employees at each participating bank, who are free to make donations, too.
Founded in 1981 as an independent non-profit entity, the Federation of Egyptian Banks was formed to represent its members’ views in regards to banking and monetary laws to the Central Bank of Egypt and other governmental bodies. According to the federation’s website, there are currently 38 members, including both Egyptian and foreign banks.