Banque du Caire, CIS Egypt in talks on credit risk coverage

Cooperative Insurance Society Egypt (CIS Egypt) is negotiating to offer the country’s third largest state bank, Banque du Caire coverage against credit and non-payment risks.

The coverage will be for the finances Banque du Caire provided for small and medium-sized projects, CIS deputy general manager Moustafa Aboul Azem told Amwal Al Ghad on Monday.

Banque du Caire has allocated around 1.5 billion Egyptian pounds ($79.3 million) to finance small and medium-sized projects throughout the second quarter of the current year.

“We are also in talks with the Egyptian Agricultural Bank to provide credit risks coverage as well.” Aboul Azem added.