Egypt’s CIS, Agricultural Bank inks 60mn pounds loan insurance cover deal

Egyptian Cooperative Insurance Society (CIS) signed a loan insurance cover agreement worth 60 million Egyptian pounds ($3.8 million) with the Agricultural Bank of Egypt, CIS chairman said on Sunday.

Under the deal, CIS will cover financing for medium, small, and micro-sized enterprises granted to the main lender’s clients against the dangers of credit and non-payment, Hossam Abdel Aziz further told Amwal Al Ghad.

During the last few months, CIS signed another loan insurance cover deal estimated at 90 million pounds with the Egyptian bank, Abdel Aziz added.