The Egyptian Cooperative Insurance Association (CIS) renewed its contract with the “Ur to Financing Medium and Small Projects”, to provide insurance coverage against the risks of non -payment of funds, with a value of up to 56 million pounds during the past two years, in the framework of the two parties seeking to support the growth of the medium and small projects sector.
Mustafa Abu Al -Azm, the association’s managing director, said that the new contract comes within the framework of strengthening cooperation with the financing arm of the company “Or Capital” for financial investments, with the aim of expanding the umbrella of funding insurance and achieving greater protection for customers, especially in light of the current economic challenges, noting that medium and small projects represent about 55% to 60% of the association’s portfolio, given the efficiency it provides in financing procedures And the achievement, in addition to a strong database for customers, explaining that the association aims to reach the total insurance premiums to one billion pounds by the end of the current fiscal year.
Abu Al -Azm revealed that the association raised the ceiling of financing guarantee for one customer to 144 million pounds in 2025, compared to 120 million in 2024, thanks to the confidence it enjoys from international reinsurance companies, stressing that this development enhances its capabilities in the field of guarantee insurance.
For his part, Mohamed Badr, Managing Director of “Ur”, stressed that the renewal of the contract reflects the mutual trust between the two parties, and keeps pace with the implementation of a new credit policy aimed at improving the quality of the financing portfolio, and reducing stumbling rates, with plans to increase the number of customers from 49 to 120 customers by 2026, and the launch of two new producers during 2025. Badr added that the intonation of the credit portfolio contributes to reducing risks and improving Financial performance, which enhances the confidence of investors and financiers in the company, and supports its opportunities to obtain new funds from financial institutions.
It is noteworthy that the latest reports of the Financial Supervision Authority revealed the growth of funds directed to medium, small and micro projects to 95.8 billion pounds at the end of 2024, compared to 72.6 billion in 2023, an increase of 31.9%, of which 71.3 billion pounds provided by licensed companies and associations, and more than 3.75 million customers benefited from, in an indication of the escalation of non -banking financing in supporting the national economy.
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