Egypt’s Cooperative Insurance Society to cover UNB bank’s loans

Egyptian Cooperative Insurance Society (CIS) says it has signed a cooperation protocol with the Union National Bank-Egypt (UNB) to cover the lender’s loans granted to the clients.

“The society will cover the risks of non-payment of UNB’s loans at a total sum insured up to 30 million Egyptian pounds ($1.8 million) for each client,” CIS’s managing director Anwar Zekri told Amwal Al Ghad on Monday.

Moreover, CIS is planning to post premiums worth 230 million pounds within the financial year 2019/2020.