Insurance Consortium to Form for the New Suez Canal Project – IFE

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The Insurance Federation of Egypt expresses readiness to take part in supporting the country’s national mega project to build a new channel parallel to the Suez Canal.

The Insurance Federation of Egypt (IFE)’s Chairman Abdel-Raouf Kotb revealed ongoing studies to establish a consortium of Egyptian insurance firms, responsible for providing the insurance cover services for the Suez canal project.

The project is a major step by Egyptian President Abdel Fattah al-Sisi to stimulate Egypt’s struggling economy. The total estimated cost of drilling the new channel would be about 60 billion Egyptian pounds.

During the IFE’s press conference, Kotb stated that the consortium will comprise of various expertise in the Egyptian market so as to secure the needed insurance protection for the national project. The proposed risk distribution among the insurers in the consortium will be in accordance with their market share and financial sheet, he added.