IMF loan deal to benefit Egypt’s insurance industry: Sarwa Life chairman

The International Monetary Fund’s (IMF) new loan agreement will have a positive impact on Egypt’s insurance industry, said Adel Mounir – chairman of Sarwa Life Insurance Company on Sunday.

“One of the positive impacts we expect from the IMF’s agreement with Egypt is attracting more local and foreign investments …” Mounir told Amwal Al Ghad.

“This deal is a key growth drive for the Egyptian insurance industry,” he added, saying it will alleviate burdens on insurers in Egypt to find foreign liquidity to meet their obligations to foreign reinsurers.

On Friday, IMF board approved a 46-month $3 billion financial support package for Egypt.

“Egypt’s IMF-supported programme presents a comprehensive policy package to preserve macroeconomic stability, restore buffers, and pave the way for inclusive and private-sector-led growth.” the IMF added in a statement.

Over the course of the programme, the IMF said it will catalyse additional financing of about $14 billion from Egypt’s international and regional partners.