AXA Egypt Insurance (IFC-36979)

Regions
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Countries
  • Egypt
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
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 18, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
AXA EGYPT Investment SAE
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 15.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 18, 2018

Disclosed by Bank Nov 17, 2016


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Project 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
  • International Finance Corporation (IFC)
Private Actors
  • AXA SA -- Financial Intermediary

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

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/