Egypt Life, Misr Insurance Companies Investments Are EGP30 bln

Saeed Gabr, managing director of Misr Life Insurance Company said the size of government insurance companies’ investments ‘Egypt Life Insurance and Misr Insurance’  in the Egyptian market are around EGP30 billion, pointing out that the capital of 2 companies up EGP2 billion.

Gabr added on the sidelines of the first conference for financial institutions and its role for urban development, as the market share of the two companies in the Egyptian market reaches 70%, along with its subordination to the Ministry of Investment, it has permanent vision to support the state in developing the society through direct and indirect investments.

He explained that the insurance sector will contribute for the protection real estate projects via presenting the insurance coverage whether to the building or to cover the death risks and the in default repayments of the person who obtained funding.

He emphasized that the urban development is characterized by high-demand on the real sector during the recent times, which will boost the growth rates of the sector within the next period, but it will hinder inching the interest of the real estate funding by 15%, it will represent a funding burden for the commercial and real estate projects.

He said it has not to increase the interest of the real estate funding more than 2%, in order to ease various real estate incentive projects; in addition there is a surplus funding looking for investor.