Egypt’s Cooperative Insurance Society to cover UNB bank clients’ loans

By Eslam Abdelhameed On Sep 7, 2019

Anwar Zekri, Managing Director of Egypt’s Cooperative Insurance Society (CIS)

Egypt’s Cooperative Insurance Society (CIS) said on Saturday it has signed an insurance cover agreement with the Union National Bank-Egypt (UNB).

The policy will see CIS covering finances and loans granted to the bank’s clients against credit risks and non-payment, CIS managing director Anwar Zekri told Amwal Al Ghad.

CIS has also signed several deals within a number of banks, notably the National Bank of Egypt (NBE) and Export Development Bank of Egypt to cover their finances and credit facilities, he added.

“Our agreement to cover Agricultural Bank of Egypt’s (ABE) MSMEs funding will come into effect in the coming period,” Zekri said.

“We seek to increase our premiums to 305 million Egyptian pounds ($18.6 million) and investments to 490 million pounds within the financial year 2021/2022,” Zekri said.