Senior sources told Amwal Al Ghad Arab that Arab Misr Insurance Group (GIG) and the Egyptian Life Takaful Company (Properties) are competing to seize the Social Fund for Development’s (SFD) ‘loan insurance policy’ tender.
The Source added that the tender includes the coverage of the non-payment of personal and cars loans which are offered by SFD.
The insurance policy’s conditions stipulate that the value of the loan, granted to SFD’s customers, shall not exceed EGP two million, the sources noted. They further noted that the maximum term of the loan shall be 5 years, according to the policy’s conditions.
Moreover, the sources referred that loans are designated to all trades and professions.
They said the policy shall insure against fires and burglary, noting that the timing to open the tender’s envelope has not been set yet.
It is worth mentioning that SFD has financed 2600 projects, in the industrial and commercial sector by the end of the first quarter of 2013, with total value amount of EGP 277 Mln.