Egypt’s FRA Oks private insurance funds’ $438.1mn investments end-August

MoneyFeaturedFinancial Institutions
By Eslam Abdelhameed
Egypt’s market regulator FRA
Egypt's Financial Regulatory Authority (FRA) - previously the Egyptian Financial Supervisory Authority (EFSA)

Egypt’s market regulator approved on Saturday investments up to 7.07 billion Egyptian pounds ($438.1 million) in favour of private insurance funds during the first 8 months of this year.

Earlier, the investments registered 6.8 billion pounds during the first 8 months of 2018.

“The private insurance funds’ investments marked a 3.4 percent growth or around 231 million pounds at the end of August 2019,” 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.

In August, FRA also approved new investments of 1.01 billion pounds in favour of the private funds against 1 billion pounds during the same period last year, marking a 0.6 percent increase.

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