Banque Misr injected EGP 869m to finance housing of 10,309 medium and low income clients

Daily News Egypt
3 Min Read
Banque Misr branch

Banque Misr has injected about EGP 869m to finance the housing of 10,309 low- and medium-income clients until the end of December 2016, within the initiative launched by the Central Bank of Egypt (CBE) to finance these two segments, and as part of the bank’s keenness to take part in different initiatives that aim to serve individuals in the society.

The bank has also provided credit facilitations to about 32,361 clients who own very small and micro enterprises through the program named “Mashrouak” (Your Project), of which the bank is part, along with the Ministry of Local Development and several other banks.

Banque Misr has recently obtained the approval of the Global Reporting Initiative (GRI) as the first bank owned by the Egyptian state to present reports that meet the GRI standards for the second year in a row. Meeting the standards was done through taking into mind governance, human rights, fighting corruption, and community participation, in addition to considering environmental safety standards.

The GRI network consists of several thousands of institutions around the world that are committed to revealing the results of their work through the perspective of sustainability, with the aim of achieving a high level of societal participation and prosperity of the surrounding environment.

According to the bank, its role is not limited to achieving profits, but also includes working as a patriotic financial tool that can be relied on to support development in the social and economic fields.

The bank added that it owns the largest network of branches in Egypt and the Middle East, where it owns about 580 branches spread across the country. Its services are offered to many different segments with the aim of achieving financial sustainability.

In order to achieve financial inclusion, the bank issues about 2.4 million salary cards, where the value of salaries transferred to these cards monthly is estimated at EGP 3.4bn. The bank also offers the service of electronic tax and customs payments through 297 branches, where this enables the bank to rank third among banks to offer the same services. According to the bank, it aims to turn Egypt into a cashless society.

The bank has also revealed that it provides about EGP 5bn for financing environment-friendly energy production as part of the plan implemented by the energy sector in Egypt. The bank aims to build three plants for this kind of energy production, in addition to financing projects to establish alternative energy units with EGP 450m.

The bank is also taking part in a project that aims to replace regular taxis with ones that use environment-friendly natural gas.

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