The Central Bank of Egypt (CBE) announced that the banking sector allocated nearly EGP 2bn to support social and developmental projects in 2023, as part of its corporate social responsibility (CSR) strategy. The projects aimed to achieve the Sustainable Development Goals and align with Egypt’s Vision 2030.

The CBE said that the projects focused on improving the key sectors of healthcare, education, and social welfare, as well as boosting the development initiatives under the Presidential Initiative “Decent Life” and the Tahya Misr Fund. The projects included upgrading houses, providing water and electricity, enhancing schools and hospitals, and implementing other national initiatives in the underprivileged areas.

According to the CBE, the health and education sectors received the largest share of the contributions, with EGP 1.1bn and EGP 188m, respectively. The banking sector also spent EGP 274.3m on community welfare, EGP 21.3m on rural and slum development, EGP 57.4m on supporting people with disabilities, and EGP 27.3m on women empowerment.

Additionally, the Egyptian banks supported entrepreneurship and SMEs with EGP 22.8m, environmental projects with EGP 29.5m, and sports, arts, and culture with EGP 30.8m, among other community initiatives.

The CBE reaffirmed that the banking sector will continue to support national initiatives that aim to help the most vulnerable segments and improve society. The CBE stressed the importance of CSR and its commitment to cooperate with all state entities to achieve sustainable development and enhance the living standards of citizens, especially in rural and remote areas.

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