Cairo -- Integrated sustainable development projects that help alleviate poverty across Egypt took centre stage during a joint forum held yesterday by the Social Contract Center in collaboration with the EFG Hermes Foundation.

"The success of integrated development depends on the efforts of the public, private and civil society sectors, which must cooperate to guarantee the success of the endeavours which they embark upon", said Mona Zulficar, Chair of the Board of Directors of EFG Hermes and Chairperson of the Board of Trustees of the EFG Hermes Foundation. She added that, "Integrated development projects that rely on inputs from these sectors have delivered sustainable and beneficial outcomes to the target communities".

The Social Contract Center was established in May 2007 by the United Nations Development Program (UNDP) and the Government of Egypt's Information and Decision Support Center (IDSC). The Center monitors the implementation of the 2005 Human Development Report recommendations, and is based on the principle that Egypt's development hinges on reshaping the contract between government and citizens by spreading democracy, enhancing decentralization and allowing public participation in decision making.

EFG Hermes, the leading investment bank in the Arab world, established the EFG Hermes Foundation in 2007 to carry out its corporate social responsibilities towards its community, with a focus on alleviating poverty through the deployment of financial, educational and health-related tools. The Foundation funds and implements strategic integrated development projects. Since its establishment, it has led initiatives to help street children, recycle paper and raise national awareness about Hepatitis C.

A year after its establishment, the EFG Hermes Foundation embarked on Ro'ya 2008, a grass roots major multi-faceted project in Upper Egypt.

"The Foundation committed around EGP 25 million for the integrated development of Ezbet Yacoub in Beni Suef, where we improved the quality of life for nearly 5,000 residents", said Hanaa Helmy, Chief Executive Officer of EFG Hermes Foundation. In detailing the scope of the project, Mrs. Helmy explained that, "The project included the demolition and re-building of over 400 unsafe homes, and equipping them with all necessary infrastructure facilities such as running water, electricity and sewerage systems. The project also included building a bakery, a community centre and a waste-water treatment facility to service all the residents of the village, along with initiating and funding various income generating projects to help the residents of the village".

Mrs. Helmy then compared philanthropy work with integrated development projects. She said that although philanthropy work is commendable, its outcome is usually short lived and non-sustainable, whereas integrated development projects -- which are sustainable -- tend to be more beneficial to the recipients, and more rewarding to the donor organizations.

During the closing session of the forum, members of the Foundation and Social Contract Center presented a list of locations in immediate need of such projects and initiatives. Attendees from the private sector interested in directly funding or contributing to any of these projects were given a brief description of each of these projects, along with its estimated cost.

-Ends-

About EFG Hermes Foundation
As part of its social responsibility towards the communities in which it operates, EFG Hermes established the EFG Hermes Foundation in 2007. The EFG Hermes Foundation is an independent, non-profit, non-governmental organization. Its mission is to assist people and institutions overcome the financial, educational and health-related challenges facing our society. The Foundation aims to support innovative and sustainable programs that increase the opportunities for those most in need to make a positive change in our local communities.

The EFG Hermes Foundation's primary focus is to alleviate poverty in Egypt by supporting development initiatives in the housing, water, sanitation, and income generation areas. Other program interests include issues related to health, education, the environment, gender equality, employment, children rights, youth development, and microfinance.

Since its launch, the Foundation has played a significant role in the development of the society by working with reputable institutions and NGOs on several projects including and not limited to : Unite for Children: Street Children Initiative; Youth Sustainability and Viability Fund; The Paper Recycling and Graphics Center; Nazlet Hussein Housing Project in Menya; Bani Khaled Water and Latrine Facilities in Menya; Hepatitis C Awareness and Combat; Hepatitis B Vaccination campaign for college students; Microfinance; Medical Convoys; School Feeding Program; Community Center for Art for Development; and Poverty Alleviation of Ezbet Yacoub in Beni Suef.

For more information on the EFG Hermes Foundation please visit www.efghermesfoundation.org 

About EFG Hermes
Established in 1984, EFG Hermes is the leading investment bank in the Arab world. The firm specializes in Investment Banking, Asset Management, Private Equity, Securities Brokerage and Research. With listings on both the Egyptian and London stock exchanges, EFG Hermes currently boasts a market capitalization in of around USD 1 billion.

Through its operations in Egypt, the UAE, the Kingdom of Saudi Arabia, Qatar, Lebanon, Kuwait and Oman, and with 880 employees of 25 nationalities, EFG Hermes serves a considerable and diversified client base from the Middle East and North Africa to Europe, Africa and the United States. Our clients include governments, corporations, financial institutions, high net worth individuals and retail customers.

For further information about EFG Hermes, please visit www.efg-hermes.com. 

Please direct media inquiries to:
Heba El-Hamzawy
Public Relations Manager
EFG Hermes Holding SAE
T: + 20 2 3331 8255
M: + 20 16 550 9799
helhamzawy@efg-hermes.com
 

© Press Release 2009

 

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