ICEC

Africa Reinsurance: Egypt investments have risen to $40 million at 2016-end

African Reinsurance Corporation (Africa Re) says investment portfolio in Egypt has surged to $40 million at the end of 2016.

Africa Re’s investments in the North African country are notably in the state debt instruments, including treasury bills and treasury bonds in addition to banking high-yielding certificates of deposit, the reinsurer’s regional director Omar Gouda told Amwal Al Ghad on Monday.

The African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 in Yaounde, Cameroon following a recommendation of the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.

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