CIS Pays EGP15mn from Loan’s Value of SFD, Misr Insurance Holding

Managing Director of Cooperative Insurance Society (CIS) Refky Lotfy Rashed revealed that his society paid EGP15million from the loan’s value of Misr Insurance Holding Company and Social Fund for Development (SFD) which estimated at EGP80 million.

Early 2010, SFD and Misr Insurance Holding have put a plan for reconstructing CIS through providing loan with EGP40 million.

In a statements to Amwal Al Ghad, Rashed said CIS paid EGP6 million interests for the loan in the last year, so the total paid up value reached EGP26 million at the end of last June.

It is expected that the loan that the loan will be finalised during the next 6 years, Rashed noted.

CIS achieved EGP53 million premiums within the current fiscal year of 2013/2014 in compared to EGP36 million in the previous year and it succeeded to attain EGP75 million investments.