$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
NBE contributes to renovation of Egypt’s Academy of Arts under CSR strategy
The National Bank of Egypt (NBE) has contributed to renovating the Academy of Arts in Giza governorate within the framework of the bank’s Corporate Social Responsibility (CSR).
Over the past few weeks, the academy’s fence was decorated by charming fine art paintings that fascinated passers-by.
This is not the first time for the bank to give hand for upgrading the academy as the bank has previously contributed to revamping the academy’s Higher Institute for Theatrical Arts.
The bank has been interested in developing the Academy of Arts in particular because it is one of the most important academies, not only in the Arab region, but also in the whole world.
The bank’s CSR strategy has went beyond supporting the academy’s development to promote the Sustainable Development Goals through backing small and medium sized enterprises (SMEs) as well as female entrepreneurs and youths.
During the 13th annual People and Banks conference earlier this month, the bank’s SMEs department head Mamdouh Afiya said the bank has channeled about EGP 300 million for supporting female entrepreneurs and SMEs.
He added that the bank is engaged in a pilot program with the European Bank for Reconstruction and Development (EBRD) from October 24, 2019 to November 27, 2019 under which EBRD provided a senior loan to the National Bank of Egypt of up to $ 20 million for on-lending to local private high growth SMEs, which commit to strengthening their capacity to train and retain skilled labor, in particular youth.
The program aims to address labor force skills mismatch, which constrains businesses in their growth, and create better and more sustainable jobs, including for young people. This will be achieved by incentivizing enterprises to increase their capacity to effectively recruit, train and retain skilled labor. It is expected to ultimately improve young people’s employability and ensure a supply of skilled workers for businesses, essential to support expansion plans.
The project is meant to contribute towards building a more inclusive job market by expanding access to skills and employment opportunities, including for young people, who are faced with reduced access to such economic opportunities. The project seeks also to contribute towards a more competitive private sector through developing the capacity of clients to better recruit, train and retain skilled workforce.
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