Egyptian Cooperative Insurance Society pays $844,721 compensation to MSMEDA

Egypt’s Cooperative Insurance Society (CIS) says it has paid 14 million Egyptian pounds ($844,721) compensation to the Micro, Small and Medium Enterprises Development Agency (MSMEDA).

The compensation comes under a contract signed between CIS and MSMEDA to cover financing granted by the agency against the dangers of credit and non-payment, CIS managing director Anwar Zekri said on Sunday.

“To date, we have paid compensation totalling 62.5 million pounds to the MSMEDA,” Zekri told Amwal Al Ghad.  

MSMEDA, previously known as the Social Fund for Development, is an autonomous development and poverty-alleviation agency, established in 1991 with support of the United Nations Development Programme (UNDP). It is an agency affiliated to Egypt’s Cabinet, designed to act as a social safety net to undertake the government’s economic reform programme by developing the MSME sector either directly or through banks as mediators.