SAIB, SFD to Ink EGP60mn Contract to Fund Small Projects Next Month
Published 2014-10-23 12:18:12| Mohamed Hamdy
Société Arabe Internationale de Banque (SAIB) is set to sign a financing contract next month with the Social Fund for Development (SFD) for the support of small projects in Egypt. There are several banks in Egypt that are seeking to expand their funding activities for the small projects, which are known for their capability to create job opportunities characterized by lower capital requirements and accordingly contribute to reduce the country’s unemployment rates. From her part, Nevine Gamea - Head of SFD's Central Sector for Small Enterprise Finance – stated that the fund would also sign two agreements with the Housing and Development Bank (HDB) totalling EGP 60 million.
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Egypt will take part in the International Association of Insurance Supervisors – (IAIS)’s 21st Annual Conference, currently being held in Amsterdam. Mohammed Maait – Vice Chairman of the Egyptian Financial Supervisory Authority (EFSA) – will attend the IAIS Annual Conference 2014, which is being take place from October 22-25. IAIS 2014 will bring together a diverse group of international financial supervisors and representatives of the insurance industry, including IAIS Members. The conference is preceded by Committee Meetings, from October 20 to 22, and followed by the General Meeting, on October 25. Providing a valuable opportunity for attendees to exchange views and experience on insurance-related issues and initiatives, this event will help foster stability in the insurance industry and financial services sector. Established in 1994, the IAIS represents insurance regulators and supervisors of more than 200 jurisdictions in nearly 140 countries, constituting 97% of the world's insurance premiums. It also has more than 130 observers. Its objectives are to: promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability.
Egyptian leading construction firm, Arab Contractors has started talks to carry out a number of infrastructure projects in Algeria, at a cost of US$150 million. Speaking to Amwal Al Ghad, AC Chairman Mohsen Salah stated that his company is seeking to implement a number of infrastructure projects in one of the biggest housing cities in Algeria. During a visit by AC’s board delegation to Algeria last September, the company had made a tour to examine the infrastructure projects in the country, the official noted. Salah further said Arab Contractors is expected to sign the final contracts with Algerian officials and start the implementation works by early 2015. After signing the contracts, the company is set to finalise those infrastructure projects within a maximum of one year and a half, he added. Meanwhile, the Egyptian company plans to deliver 4500 units in three various areas in Algeria by mid 2015, at a cost of US$180 million. Arab Contractors exists in 9 Arab states, notably Tunisia, Algeria, Iraq, UAE, Kuwait, and Jordan in addition to 16 African markets, mainly Congo, Ethiopia, Chad, and Nigeria.
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