By: Fahd Omran

Cairo – Mubasher: AXA Egypt, a subsidiary of the French multinational insurance firm AXA, has indemnified around 8,000 borrowers from the Lead Foundation with EGP 21 million a year after signing the contract.

The leading global insurance company provides 200,000 of those who are benefiting from the Lead Foundation’s financings with life and medical insurance, deputy CEO of the Egyptian unit Khaled El Shaarany told reporters.

El Shaarany noted that AXA pays around EGP 300 per day for up to 40 days to borrowers affected by a health problem that requires staying at the hospital.

As for the life insurance, the company pays three times more than the loan provided by the foundation to the family of the deceased client, on which the heirs can reimburse the remaining sum of the loan.

Translated by: Mai Ezz El-Din