Egypt’s Cooperative Insurance Society to cover NGOs clients’ loans

Egypt’s Cooperative Insurance Society (CIS) said on Saturday it has signed insurance cover agreements with two Egyptian non-governmental organisations (NGOs).

The two NGOs are I the Egyptian (Ana El Masry) Foundation and the Egyptian Foundation for Family, CIS managing director Anwar Zekri told Amwal Al Ghad.

At total sum insured of around 42.5 million Egyptian pounds ($2.6 million), the policy will see CIS covering finances and loans granted to these NGOs’ clients against credit risks and non-payment, Zekri added.

“Ana El Masry’s finances are with total sum insured of 29 million pounds, while the Egyptian Foundation for Family are around 13.5 million pounds,” he said.

I the Egyptian (Ana El Masry) Foundation is a non-governmental Organisation registered under the Ministry of Social Solidarity; with the objective of providing and implementing an integrated system approach to support the poor and marginalised families in slums and disenfranchised area.

The foundation adopts the new millennium goals, which seeks to improve the lives of 100 million residents in unsafe areas and slums around the world.

Aligned with state’s policy in the development and upgrading of slum areas, the foundation seeks to develop an integrated system to improve the lives of poor families, with a special focus on breadwinner mothers and at-risk children.

Founded in July 2005, the Egyptian Foundation for Family Development is a national non-profit organisation, which aims to the social, economic, and legal rights of family.

The Egyptian foundation considers legal approach and human rights conventions as its constant and principal reference that specifies our vision in both of public and developmental work.

The foundation believes that equality and participation are a right for every one despite the difference in colour or religion or gender. It also gives a special concern to support women issues and family rights.