Good news with regard to the International Money Fund loan to Egypt will be announced soon, Secretary to the President for Foreign Relations Khaled Qazaz said during a visit to Washington to follow up with the IMF. An Egyptian presidential delegation, headed by the Presidential Assistant for Political Affairs Bakinam al-Sahrqawi, is currently visiting Washington to discuss the IMF loan and the economic program proposed by the Egyptian government. Qazaz said that Mohamed Tawfik, Egypt's ambassador to the United States, hosted a number of meetings for the delegation. The first was an interfaith dialogue, while the second was a meeting with leading figures of the Egyptian community in America. “Following in the footsteps of President Mohamed Morsy, we know how important it is to meet and communicate with the Egyptian community, to listen to their views and involve them in what’s going on at home,” Qazaz said. In the light of comments US Secretary of State John Kerry made during a recent visit to Egypt about a US aid package, the delegation held a meeting with US State Department officials to discuss the matter. More»

The chairman of Delta Insurance Company El-Sayed El-Gohary has purchased 2.84% stake (640,000 shares) in the company which has 22.3 million shares. El-Gohary raised his stake in the company to 4.012% after purchasing 640,000 shares for EGP 4.096 million. More»

The Arab Orient Takaful Insurance Company (AOTIC) signed a contract to insure the National Bank for Development (NBD) for a year, said Wael Abdel Mohsen, deputy executive director for marketing and sales affairs at the company. The insurance company succeeded in striking the deal of the insurance policy which has value of EGP 500 million after fierce competition with other insurance companies in Egypt. The insurance policy covers the bank’s buildings and contents against risks of fire, burglary, breach of trust and money transfer, in addition to insuring the bank’s car fleet. It is worth mentioning that Arab Orient Takaful Insurance Company’s shareholding structure is divided as follows: Arab Orient Takaful Insurance Company in Dubai (60%), National Bank for Development owned by Abu Dhabi Islamic Bank (20%) and Union National Bank (20%). More»

Suez Canal Non-life Insurance Company achieved premiums of EGP 213 million in the first half of FY 2012/2013, compared with EGP 205 million in the first half of FY 2011/2012, registering a growth rate of 3.9%, said Ahmed Shehab, general manager of the company. The company paid compensations of EGP 65 million in the first half of the current fiscal year, he added. The total value of profit reached EGP 22.5 million achieved as of the end of last December, compared with EGP 32 million in the compared period, registering a drop of 29.7 %. The total value of investments achieved as of the end of 2012 reached EGP 598 million, registering a return on investment of EGP 22.5 million and growth rate of 3.8%. Shehab affirmed that the insurance sector in Egypt is currently witnessing turbulence as a result of the unstable political conditions which make many large industrial projects shut down. It is worth mentioning that Suez Canal Non-life Insurance Company targets to achieve premiums of EGP 460 million in FY 2012/2013. More»

The Social Fund for Development (SFD) targets to offer finances worth EGP 1.5 billion in 2013 to small and medium enterprises (SMEs), compared with EGP 1.3 billion in 2012. Sources said SFD plans to offer Murabaha finance this month to meet the increasing demand for Islamic Sharia-compliant financing products in the current period. SFD aims at restructuring all non-financial services to help individuals market their projects through establishing fairs and helping them in exporting their products, sources added. Sources revealed that delinquency rate of SFD’s finances is less than 2.5% of the total value of finances offered by SFD to SMEs. More»

The Social Fund for Development (SFD) has received a grant worth US$ 5 million from MENA Transition Fund, established by the Deauville Partnership to support countries in transition. The grant will finance two projects. The first project will support micro, small and medium-sized enterprises (MSMEs) through finance worth US$ 2,936,080 from the Fund and US$ 1,625,000 from the European Bank for Reconstruction and Development (EBRD), said Hanaa El Hilaly, director general of the Planning & International Cooperation Group at SFD. The project aims at creating a favorable business environment for micro, small and medium enterprises through reviewing and enhancing the performance of SME development units. The project also includes the support of 60 projects for women in Greater Cairo, Tanta and Assiut through offering them consulting services and expanding their projects. The program also includes the developing and improving of SFD’s database. The second project will support MSMEs in partnership with African Development Bank through finance worth US$ 2,060,000. The project aims at enhancing the performance of tens of governmental and non-governmental institutions supporting the integration and development of these enterprises. More»

Arab Misr Insurance Group (AMIG) awaits the Egyptian Financial Supervisory Authority’s (EFSA) approval to add coverage against political risks to the exports insurance policy, said Ali Bashendy, head of technical affairs and reinsurance sector at AMIG. The original policy has coverage against local credit risks, in addition to external credit risks. AMIG is the only insurance company issuing this kind of policy, besides the Export Credit Guarantee Company of Egypt. Bashendy revealed that additional cost will be added upon the customer's approval to add insurance coverage against political risks to the insurance policy. The company has given details about reinsurance of the policy after EFSA’s request, he added. It is worth mentioning that AMIG has recently received EFSA’s approval on the exports credit guarantee and commercial credit insurance policy to be the sole company insuring exports in Egypt. More»

The Egyptian Life Takaful Company signed a contract to insure the employees of Alfa Ceramic for a year with value of EGP 147 million, sources said. The policy covers the employees against natural death and death as a result of accident as well as total disability and permanent partial disability. The number of insured employees is 1500 employees with annual insurance value of EGP 260,000. It is worth mentioning that Alfa Ceramic was founded in 1996 and is specialized in wall and floor tiles manufacturing. The company’s investment capital is more than US$ 35 million and has annual production capacity of 15 million m2. More»

Insurance companies are competing in a bid to insure the Egyptian Holding Company for Silos and Storage (EHCSS), said Walid Sayed Moustafa, deputy general manager of fire and non-life insurance sector at Arab Misr Insurance Group (AMIG). The insurance policy covers three wheat silos owned by EHCSS against risks of fire and burglary and additional risks with value of EGP 92 million; EGP 38 million for two silos and EGP 54 million for the third silo, he noted. AMIG and Misr Insurance Company are the most prominent companies competing in the bid, he added. The Egyptian Holding Company for Silos and Storage’s board of directors approved a note that will be submitted to the next general assembly meeting concerning adding EGP 6.613 million to equity and reducing accounts payable by the same value. The company’s issued capital reached EGP 100 million divided over 10 million shares with nominal value of EGP 10 per share and EGP 21.2 per share at EGX. More»

Arab Misr Insurance Group (AMIG) signed a contract to insure Middle East Glass Manufacturing Company (MEG) for a year, said Walid Sayed Moustafa, deputy general manager of fire and non-life insurance sector at AMIG. The policy covers the buildings and facilities of the company against all risks of fire and burglary and additional risks with value of EGP 560 million. Middle East Glass Manufacturing Company (MEG) is subsidiary of Shaher Trading Group (STCO). MEG achieved consolidated profit of EGP 26 million and net sales of production of EGP 328 million in the first nine months of 2012. The company has issued capital of EGP 40 million divided over 4 million shares with nominal value of EGP 10 per share. More»