Islamic Corporation’s operations in Egypt hit LE 5.17B

CAIRO – 20 October 2019: Total operations of the Islamic Corporation for the Insurance of Investment and Export Credit in Egypt amounted to $5.17 billion, CEO of the Corporation Osama al-Qaisi said Sunday.

Qaisi explained that operations cover areas related to exports for exporters and investors in Egypt, according to a statement issued by the Ministry of Investment.

This came during a meeting with Investment Minister Sahar Nasr on the sidelines of the annual meetings of the World Bank in Washington.

According to Qaisi, the Corporation has issued 150 insurance policies worth $1.84 billion since its establishment for Egyptian exporters and banks to support exports.

The two sides discussed increasing the Corporation’s support to the private sector.
Discussions also covered expansion plans in Egypt, through several axes, namely providing insurance support for infrastructure projects in the Egyptian market, and supporting the Egyptian state's orientation towards the African market, and encouraging the flow of foreign direct investments to the Egyptian market, the two sides agreed to support the institution to Egypt in promoting investment opportunities abroad.

He stressed that everyone is looking forward to investing in Egypt, pointing out that the Foundation is constantly striving to contribute effectively to development in Egypt and to create an effective framework for action through which to achieve this, expressing his aspiration to a successful and prosperous partnership with Egypt over the coming years.