Egypt – 3 banks study the establishment of the contractor union’s insurer
Thursday, 07 09 2015, Category: Insurance and Reinsurance, Country: Egypt
An official of the Egyptian Federation for Construction and Building Contractors said that the federation is currently negotiating with 3 local banks expected to participate in inaugurating the “contracting risks insurance” company which aims at supporting the financing of the sector and easing the financing procedures imposed by banks.
The source clarified that the banks which are ready to support the federation in establishing this company are the National Bank of Egypt, Banque Misr, and Banque du Caire which are holding now negotiations for foundation mechanism and the ways to support the companies of the sector.
He indicated that insurance company will have a board of directors whose members are members of the Construction Federation in additional to a number of local banks.