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.
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.
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
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