This philanthropic arm of the National Commercial Bank (NCB), the NCB Foundation, has reported that when it releases funds this year, it would have surpassed the $2 billion mark.
The entity, which is in its 17th year, disclosed that up to the end of last year it had provided funding to the tune of $1.9 billion and with $276 million set to go to various projects this year, that milestone is in sight.
The foundation remarked that most of the money will be going towards educational initiatives with its tertiary grant funding being a big part of that. In fact, it was pointed out that up to 60% of donations made by the foundation go towards education.
The funds are seeing a little increase this year as with the bank recording an increase in profit, it also works out for the foundation.
The bank provides 1% of its profits to the foundation annually and, after having another stellar year, was able to provide the increase.