Several Egyptian banks operating under the auspices of the Federation of Egyptian Banks have allocated a total of EGP 40m to the downtown Cairo redevelopment project through the federation’s social responsibility committee.
Banque Misr, the National Bank of Egypt (NBE), the Commercial International Bank (CIB), and the Banque du Caire have made respective in-kind donations of EGP 10m to the project that will be carried out in cooperation with Cairo Governorate.
The Federation of Egyptian Banks’ social responsibility committee aims to finance public works, with the aim of larger sustainability.
The redevelopment initiative will focus on informal housing segments and the informal market at large.
The Federation of Egyptian Banks aims to create a new model of the banking sector’s role, exceeding a singular function as a financial supporter and extending out to cover coordination between concerned parties in formulating an organised work plan. It would then enable efficient contribution to developing informal settlements since they believe should be addressed from an economic and social aspect.