CIS to cover financing of 5 associations in favour of Egyptian state-banks, MSMEDA

Egypt’s Cooperative Insurance Society (CIS) signed contracts to cover financing of five associations in favour of two state-run lenders and Micro, Small, and Medium Enterprise Development Agency (MSMEDA).

The two largest state lenders are named National Bank of Egypt (NBE) and Banque Misr.

Under the deal, CIS will cover financing for micro-sized enterprises granted to the five associations against the dangers of credit and non-payment, said CIS chairman Hossam Abdel Aziz on Tuesday.

CIS targets developing its infrastructure as well as signing more contracts with banks, companies, and associations specialised in micro-sized business within the upcoming period, Abdel Aziz added.