FABMISR and Orman Association expand partnership with second phase to drive sustainable development
Cairo – Building on the success of its initial efforts, First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, continues its collaboration with Orman Association to enhance the living conditions and economic opportunities in Al Falouga village, located in the Badr district of Beheira Governorate. This marks the launch of the second phase of the village's comprehensive development initiative, reinforcing FABMISR's commitment to social responsibility and Egypt Vision 2030.
By the end of this phase, First Abu Dhabi Bank Misr will have completed infrastructure development projects, including fully renovating 50 homes, providing a safer and healthier living environment for the community's most vulnerable residents. In addition, the bank is introducing 12 biogas projects, harnessing renewable energy solutions to reduce dependence on traditional fuel sources and promote environmental sustainability. FABMISR is also supporting the agricultural sector by providing 24 cattle heads to further bolster the community's sustainable farming practices.
Furthermore, economic empowerment remains a central pillar of the bank's efforts within the village. First Abu Dhabi Bank Misr will have supported local entrepreneurship for 55 families by facilitating micro-projects that enhance financial inclusion and create sustainable income streams. This includes funding for small businesses such as grocery stores, clothing ventures, cleaning supplies, sewing enterprises, and confectionery shops. To further promote economic growth, FABMISR will also have enhanced financial literacy for 55 individuals, providing them with the knowledge and tools to better manage their finances, which is integral to their ability to sustain and expand their businesses.
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, commented on the initiative, stating: "The success of the first phase in Al Falouga village has reaffirmed our commitment to creating sustainable and impactful change in communities that need it most. At FABMISR, we believe in driving progress through a holistic approach that not only improves living conditions but also empowers individuals with the tools and opportunities to build a better future. With the launch of the second phase, we continue our efforts to enhance infrastructure, promote renewable energy solutions, and foster economic empowerment, ensuring long-term prosperity for the residents of Al Falouga."
Ahmed Osama El-Gendy, CEO of Orman Association, emphasized the significance of the ongoing collaboration, stating: "Our partnership with FABMISR continues to be a driving force in transforming Al Falouga village and empowering its residents. At Orman Association, we have always been committed to transitioning communities from reliance to self-sufficiency, and this collaboration is a testament to the power of collective action in creating lasting impact by fostering long-term sustainability by supporting economic growth and renewable energy solutions."
It is worth noting that the first phase of the initiative saw the rehabilitation of 25 homes, support for 40 small enterprises, the implementation of 6 biogas projects, and the provision of 12 heads of livestock, in addition to enhancing the financial literacy of 40 individuals. These efforts contributed to improving the living and economic conditions of the village's residents. With the launch of the second phase, First Abu Dhabi Bank Misr continues its efforts to promote sustainable development and elevate the quality of life in communities, reaffirming its commitment to social responsibility and its vision for the future.
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 72 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/en/
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