The government will launch a new EGP 10 mn insurance program to protect traders and their commercial establishments against risks and hazards to ensure their sustainability in the market, Invest-Gate reports.

The program will be initiated through a joint cooperation protocol between the Cairo Chamber of Commerce and an insurance companies. The Cairo Chamber of Commerce is gathering a large number of the country’s traders, representing about 60% of those engaged in trade activities in Egypt.

“The potential protocol is expected to uproot obstacles undermining the work of traders in Egypt and to provide the best insurance service to members of the chamber in an effort to safeguard their projects and further ensure their development,” Ali Shoukry, the chamber’s deputy, said.

Small- and medium-sized commercial enterprises have reportedly proven to be the most businesses that lack insurance benefits and services, alongside with sole enterprises that tend to consume their entire owner’s capital without any protection, according to a Cairo governorate statement.

“The insurance program will cover all risks faced by commercial establishments, safeguard investments of traders, and provide insurance to owners in the case of accidents,” Shoukry added.