Al-Borsa sat down with Gilbert Chahine, CEO of AXA Egypt, to discuss the economic environment in Egypt, its recent negotiations with several partners in the regional market and its move to enter the microinsurance business in Egypt. I believe that the Egyptian market might witness a consolidation in the medium or long term, as a natural maturity evolution that has been experienced in other markets. Today, we can say that we are very proud to have signed a partnership with the International Finance Corporation (IFC) that will see the IFC entering the capital of AXA Egypt with a 10% shareholding stake. The Kanoo and Sawiris families will remain privileged business partners of AXA Egypt and we are looking forward to continuing our collaboration with them over time. Egypt has a great demand for microinsurance programs and AXA Egypt is committed to providing a large share of this segment with the needed solutions, services, and support.

Source: Daily News Egypt May 03, 2017 06:00 UTC