The Banking Executive Magazine - October Issue 2022

CSR to support entrepreneurship and small and medium enterprises (SMEs), EGP 625,000 for environ- mental projects, EGP 7.6m for sport, art, and cultural projects, EGP 52.3m for conferences and awareness sem- inars, EGP 20m for national initia- tives, and EGP 5.8m for other projects that serve all segments of so- ciety. Negm expected an increase in banks’ CSR contributions in the com- ing months, given the banking sec- tor’s role in supporting the initiatives related to the upcoming climate summit “COP27” next November. Negm pointed out that focusing on the developmental aspect of commu- nity initiatives is a necessity, by reha- bilitating and developing the thought and culture of citizens in the areas where they implement their initia- tives, and urging them to work by providing the necessary equipment to implement their projects. She added: “The sector contributes by providing in-kind support, not cash, that is, by providing citizens’ needs and necessary services, and encouraging them to work and inno- vate to become a productive society and not a permanent recipient of support.” The advisor to the central bank gov- ernor for social responsibility and head of the sustainable development committee at the Federation of Banks added that there are many proposals that are now being studied, and are being put forward based on the pri- orities of the banking sector, taking into account the latest events. She pointed out that in conjunction with COP27, all banks are intensify- ing their efforts to support environ- mental activities, as there are presidential mandates to expand in- vestments in green economy proj- ects, which contribute to achieving sustainable development, and the Central Bank and the Federation of Egyptian Banks have a major role in supporting projects with environ- mental character. She explained that the Federation is also working to support projects that take into account the environmental dimension such as eliminating infor- mal settlements in the most polluted area of Helwan, which includes many factories, supporting waste re- cycling projects, planting rooftops, and afforestation of many roads. Negm pointed out that the Federa- tion invited all banks to participate in the national initiative for smart green projects launched by the Ministry of Planning by a decision of the Cabi- net, to be implemented in all gover- norates in the context of preparations for Egypt’s hosting of COP27. The initiative aims to develop a map at the governorate level for green projects, link them to funding agen- cies, and attract the necessary invest- ments. It also focuses on projects that achieve environmental sustainability standards that enhance energy and resource efficiency, biodiversity, and ecosystem services that help adapt to climate changes. ISSUE 166 OCTOBER 2022 the BANKING EXECUTIVE 17