CIS insures Alex Bank by EGP 750m

Co-operative Insurance Society (CIS) agreed to sign an insurance contract with Alex Bank in value to EGP 750 million.
Abdel Monaem Bekheet, head of CIS, said that the insurance will cover the risks of the repaying credits of the small enterprises in value to EGP 500 million as well as agricultural and medical products in value to EGP 250 million.

Bekheet added that CIS signed an insurance contract with Industrial Development Bank in value to EGP 150 million to guarantee the loans of small and little enterprises. CIS also insured 70% of the credit portfolio of the National Bank in the north branch.

In other respect, CIS started settling its EGP 46 million debts with Alex Bank, National Bank, Industrial Development Bank and Social Development Fund.

Amwal Alghad