File Photo: Egypt s Nasser Social Bank, Al-Ahram
The CDs, which have maturities ranging from one to three years, will fund mutual development projects and are part of a continued partnership between the two organizations.
Nivine El-Kabbag, Ministry of Social Solidarity, stated that the NSB's annual credit policy would govern the disbursement of the CDs' proceeds. The returns will be calculated from the date of issuance, with CD holders receiving half of the returns, while the remainder will be allocated to the Haya Karima Foundation.
The Haya Karima Foundation has been instrumental in the development of villages in the Egyptian countryside, and this partnership with NSB will further support these efforts. The new CDs are a response to rising domestic inflation driven by commodity price hikes.
The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), and Qatar National Bank (QNB) have recently issued high-yield CDs. Since their issuance on Sunday, the proceeds of NBE and Banque Misr's high-yield CDs have reached EGP 109 billion, according to the two state-owned banks' statements.