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Egypt’s Mohandes Insurance Company has signed Monday a credit insurance cover agreement with the country’s largest state-run lender, the National Bank of Egypt.
Under the agreement, Mohandes will cover the risk of non-payment of NBE’s loans for the small and medium-sized enterprises.
The Egyptian insurer is committed to provide NBE with compensation in the event of a payment default by a borrower under a loan, said its chairman Reda Fathy on the sidelines of signing the agreement.
