The meetings were delayed for the last 3 years due to the COVID-19 pandemic, and will be organized in partnership with the Ministry of Finance and the Insurance Federation of Egypt (IFE)
Egypt announced today that it will be hosting the African Reinsurance Corporation (Africa Re), Africa’s first continental reinsurer, accommodating representatives of 42 African countries for their General Assembly and Board of Directors’ committee meetings on Wednesday.
The meetings were delayed for the last 3 years due to the COVID-19 pandemic, and will be organized in partnership with the Ministry of Finance and the Insurance Federation of Egypt (IFE).
In a statement, Minister of Finance Mohamed Maait stated that being chosen to host the meetings indicates Egypt’s position in Africa and its role in supporting economic, political, and cultural African issues.
Maait added that it reflected the country’s efforts to enhance and bolster Egypt’s leading role in the continent, which is increasingly important amid the current challenging times.
The continued impact of the pandemic and other ongoing global crises has created several challenges, but have also opened up opportunities for greater African cooperation in several sectors, the minister added.
He pointed out that most African economies are dealing with low levels of savings and local investments, with a need to attract more direct and indirect foreign investment in order to achieve their economic growth.
Regarding this, African Re can play an important role through its direct investments and its services in the field of reinsurance, explained Maait, adding that this would provide a cushion for African companies working in the field.
For his part, CEO of African Re Gamal Sakr noted that Egypt’s hosting of the company’s meetings asserted the great importance of the state on the global and African levels and the country’s attractiveness for hosting the meetings of regional financial institutions.
The meetings are set to discuss the company’s 2021 financial results, performance in African markets, as well as dialogue centered on the insurance and reinsurance industries.
African Re was established in 1976 as part of an initiative that was adopted by 36 African countries. The company operates through six regional offices in Côte d’Ivoire, Egypt, Kenya, Mauritius, Morocco, and Nigeria.