Cooperative Insurance Society Asks The Holding To Extend Loan Repayment Period

Abdel Monem Bakheet, chairman of the Cooperative Insurance Society Egypt, asked the Insurance Holding Company to extend the repayment period, determined by the Holding Company and the Social Fund for Development (SFD) in 2010, for three more years to reach 8 years, a source said.

The repayment period was first five years which will be started in 2013 and end in 2018. As the Society wants to reduce the monthly payments, it has demanded to extend the repayment period to 2021.

The Insurance Holding Company has given an initial approval, but asked the Society to repay part of the loan in 2013 and set a schedule for repaying the EGP 80 million loan which has an interest rate of 10%. The value of loan was at first EGP 120 million, but the Society said it only needs EGP 80 million.