Egypt’s FRA Oks private insurance funds’ $306.6 mln investments June-end

Egypt’s market regulator approved on Monday investments worth around 4.85 billion Egyptian pounds ($306.6 million) in favour of private insurance funds during the first half of this year.

Earlier, the investments registered 6.06 billion pounds during the first half of 2019.

“The private insurance funds’ investments marked a 20 percent decline or about 1.2 billion pounds during the first half of the 2020,” the Egyptian Financial Regulatory Authority (FRA) said in its monthly report.

These investments represent in the saving certificates of the National Bank of Egypt A and B, besides its banking deposits and investment policies, in addition to public debt instruments, including treasury bills and bonds, FRA added.

Last June, FRA also approved new investments estimated at 712 million pounds in favour of the private insurance funds from 895 million pounds during the same period in 2019, marking a 20 percent drop.