Cairo – 29 April 2024 - First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, has entered into a cooperation agreement with Orman Association to develop the village of Al Falouga in the Badr district of Beheira Governorate. This collaboration marks a significant stride in FABMISR's commitment to implementing a variety of social programs and initiatives aimed at elevating living standards and fostering dignified lives for citizens and the under privileged, aligning with the Sustainable Development Goals and Egypt Vision 2030.

Through this collaborative partnership, FABMISR plays a pivotal role in developing 20 houses within the village. These new residences will ensure decent living conditions for families most in need.  FABMISR's commitment extends beyond housing, as they also actively contribute to the promotion of sustainable cities and communities. The focus of their economic empowerment initiatives lies in cultivating a culture of financial inclusion. This multifaceted approach involves providing financial support to 40 existing small projects while simultaneously bolstering the skillsets that these project beneficiaries excel in. Additionally, FABMISR conducts training sessions to educate small project owners on various e-payment methods. By facilitating the involvement of experts and providing necessary training materials, the bank empowers these entrepreneurs to navigate the digital financial landscape.

Furthermore, the bank is backing a biogas project aimed at adopting renewable energy solutions. This project entails the distribution of 12 pregnant cattle and instillation of biogas units. These measures aim to foster livestock development, generate clean and renewable energy from livestock waste, and eliminate the reliance on gas cylinders.

Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, articulated his strategic vision, stating: "Our collaboration with Al Orman Association reflects our unwavering commitment to making a tangible impact on surrounding communities by addressing the most pressing societal challenges. Through this partnership, the bank not only strives to improve the immediate circumstances of individuals but also empowers them by providing sustainable pathways to long-term prosperity. We reaffirm our unwavering dedication to confront pressing issues such as poverty, gender inequality, and climate change, fully recognizing the importance of comprehensive solutions that address the root causes of these challenges and foster enduring change."

In response, Ahmed Osama El-Gendy, CEO of Orman Association expressed his enthusiasm for the partnership, stating: "We are delighted to join forces with FABMISR to advance our shared mission of promoting sustainable development. This collaboration underscores the importance of taking a collective action in addressing various challenges. Through this partnership, we will work together to empower communities, protect the environment, and build a brighter future for all. These goals are precisely what Orman Association has been aiming for during its 30 years in community work and achieving sustainability in all its community initiatives to transition the deserving segments from need to production."

It is noteworthy that FABMISR places great emphasis on participating in community development and sustainability initiatives as part of its corporate social responsibility strategy. This commitment is demonstrated through fostering partnerships with local organizations aimed to address societal challenges and contribute to a positive impact within the community.

About FABMISR

FABMISR, a subsidiary of the First Abu Dhabi Bank Group (FAB), is one of the largest foreign banks operating in Egypt. FABMISR’s local network operates through 65 branches, where it provides leading banking products and services that cater to all customer segments; along with achieving the highest value for its stakeholders and employees. Moreover, the bank offers a personalized banking experience to meet the various expectations of its customers from large organizations, SMEs and consumers whilst utilizing its global experience to support stakeholders, entrepreneurs and the local economy.          

FAB is one of the world’s largest and safest financial institutions with an international network spanning over five continents. The bank also offers global relationships, extensive experience, and financial strength to support local, regional, and international companies seeking to manage their businesses at home and abroad.

FAB is rated Aa3, AA- and AA- by Moody's, Standard & Poor's (S&P, and Fitch, respectively), making it the most robust aggregate rating of banks in the Middle East and North Africa region. FAB is also a regional leader in sustainability and is part of the MSCI ESG Leaders Index and FTSE4Good EM.

For more information on FABMISR, please visit https://www.fabmisr.com.eg/