Egypt’s Cooperative Insurance Society, UNB bank negotiating SMEs funds

Egypt’s Cooperative Insurance Society (CIS) announced on Thursday it is negotiating with the Union National Bank-Egypt (UNB) to cover the portfolio of finances and credit facilities granted to the bank’s clients.

“We have submitted the technical and financial offers to the UNB to cover credit risks and non-payment of loans granted by the bank to the owners of small and medium-sized businesses,” CIS managing director Anwar Zekri said.

Moreover, CIS is currently seeking to increase its business volume in credit risk insurance, through signing deals with new non-governmental organisations (NGOs) and banks, Zekri told Amwal Al Ghad.

“We have started boosting our business with Banque Misr, the Agricultural Bank of Egypt (ABE), and Micro, Small and Medium Enterprises Development Agency (MSMEDA),” he said.