Egypt’s CIS, Agricultural Bank renews credit insurance cover deal for loans

Egypt’s Cooperative Insurance Society (CIS) has renewed a loan insurance cover agreement with the Agricultural Bank of Egypt, CIS managing director said on Tuesday.

Under the deal, CIS will cover loans and financing for small and micro-sized enterprises granted to the main agricultural lender’s clients against the dangers of credit and non-payment, Anwar Zekri added.

CIS has recently renewed another contract with the Union National Bank-Egypt (UNB) to cover the lender’s small, medium, and micro-sized enterprises portfolio, Zekri added.

“We have signed deals with several banks, notably National Bank of Egypt (NBE) and Export Development Bank of Egypt to cover their financing and credit facilities,” he said.