A new $40 million Egyptian - US Company for insurance

Frank Wisner, Vice Chairman, External Affairs of the American International Group and the U.S former ambassador in Egypt, stated that it was agreed with the Egyptian Orascom company to establish a new company for insurance with a capital of $40 million.

Wisner said the supervision front in the Egyptian Insurance Company is discussing a request for authorization for the new company and that the American group will keep the majority of shares which exceeds 51% of the new company's shares.

Wisner expressed his belief that, "The existence of a developed and strong insurance sector in Egypt could lead to an increase in savings."