The Housing and Development Bank (HDB) has allocated 2.5% of its annual profits for corporate social responsibility (CSR), Chairperson and Managing Director of HDB Hassan Ghanem said on Sunday.
About 75% of the bank’s CSR spending are towards the health and education sectors, while the remaining 25% are directed to charitable organisations.
Ghanem opened on Sunday new civil engineering and infrastructure management laboratories at Nile University, fully funded by the bank at a cost of EGP 5.2m.
In gratitude of the HDB’s support, the university presents a scholarship named after the bank for a number of engineering students for five years.
The Nile University President Tarek Khalil said that the bank has become a true and effective partner of the university, and this cooperation sets an example to be followed between leading bodies in CSR and non-profit universities to provide distinguished education.
During the opening ceremony, the former HDB chairperson Fathy Sebaey said the bank always places health and education as top priorities for CSR spending.
