Egypt’s FRA Oks private insurance funds’ $79.3 mln investments in Jan.

Egypt’s market regulator approved on Tuesday investments up to 1.25 billion Egyptian pounds ($79.3 million) in favour of private insurance funds last January.

Earlier, the investments recorded 1.2 billion pounds during January 2019.

“The private insurance funds’ investments marked a 4.2 percent growth or around 50 million pounds during January 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.

In 2019, FRA also approved new investments worth 12.5 billion pounds in favour of the private funds against 10.32 billion pounds in 2018, marking a 21.9 percent surge.