Mostafa Abu El-Azm, the managing director of Egypt’s Co. Operative Insurance Society (CIS), said that the association’s investments amounted to EGP 730m in fiscal year (FY) 2021/22, compared to EGP 578m in FY 2020/21.
He added that the CIS investments witnessed an increase of EGP 152m, with a growth rate of 26.3% within a year, for several reasons, including the successive increases in bank interest rates.
Abu El-Azm pointed out that the investment committee of the CIS holds regular meetings to closely follow up on the best investment vessels. It aims to maximize the return on the Society’s funds, whether in investment certificates, treasury bills, or other savings vessels, in accordance with the investment controls approved by Law No. 10 of the year 1981 regarding supervision and control of insurance in its executive regulations.
He stressed that the investment committee sets annually a specific target that must be reached by the end of each fiscal year, in addition to increasing the number of contracts, raising the paid-in capital, and increasing the return on investments.
The managing director of the Cooperative Insurance Society said that the association will issue financing guarantee documents worth EGP 300m in favor of the National Bank of Egypt (NBE), according to a circular issued a few days ago.
