AXA Egypt Insurance (IFC-36979)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Egypt
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 18, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
AXA EGYPT Investment SAE
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 160.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Campaign Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 18, 2018

Disclosed by Bank Nov 17, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, the project consists of an IFC investment for an equity stake of 10 percent in AXA Egypt Investments SAE. AXA Egypt is the holding company of two wholly owned Egyptian licensed joint stock insurance companies, specialized in, respectively, Life & Savings and Property & Casualty. It is expected the Company will also acquire a service company in due course. The Company plans to offer life, health and non-life insurance covers to individuals, SMEs and corporate clients. Through AXA Egypt, AXA intends to leverage the strength of its global presence and play a significant role in the fledgling private health sector in Egypt through health insurance and integrated health services. The project is expected to have a strong developmental impact by:

1) Enabling Fund Accumulation and Allocation.
2) Buttressing the Health Sector
3) Support to SMEs
4) Support of Societies in Transition. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The project sponsor and majority shareholder is AXA. AXA is a global insurance group headquartered in Paris and active in insurance and investment management. The AXA Group operates primarily in Western Europe, the America and Asia, with presence also in a number of countries in the Middle-East and Africa. AXA is a component of the Euro Stoxx 50 stock market index. AXA was originally founded in 1816 as Mutuelle de L'assurance contre L'incendie (the Ancienne Mutuelle), then grew through a series of acquisitions to be currently present in 64 countries, with 166,000 employees and distributors serving a client base of 103 million clients.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Gilbert Chahine
CEO, AXA Egypt Investments S.A.E.
Nile City Towers, North Tower 18th floor, 2005 C Cornish El Nile – Ramlet Beaulac, Cairo – Egypt
Contact No.: +202-2461-3613
Email Address:gilbert.chahine@axa-egypt.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works