Cairo, December 15, 2024
As part of efforts to support farmers and empower them to face economic and climatic challenges, Contact Insurance Brokerage, a subsidiary of Contact Financial Holding, has signed a Memorandum of Understanding (MoU) with Engazaat, the developer and operator of energy and water projects. The partnership aims to provide specialized insurance solutions for small-scale farmers as part of the SAVE 2.0 project, which seeks to establish a sustainable agricultural village in the Moghra Oasis in Egypt’s Western Desert.
The agreement establishes a framework for collaboration between the two companies, designating Contact as the exclusive insurance provider for Engazaat in the pilot project at Moghra and all future expansions based on an agreed timeline. The partnership includes comprehensive insurance coverage for crops, livestock, poultry, and microinsurance for small farmers, helping to mitigate risks and secure their economic stability.
Muhammad El Demerdash, Co-founder and CEO of Engazaat, highlighted the significance of this collaboration, saying: “The SAVE 2.0 project is more than a developmental initiative—it is a model for sustainable agriculture that advances the green economy and fosters rural development. Building on the success of Engazaat’s SAVE 1.0 project in the Dakhla Oasis, this partnership with Contact marks a milestone in delivering innovative insurance solutions to small farmers. These solutions will help them tackle challenges such as equipment theft, natural disasters, and harsh weather conditions. We believe this collaboration will provide a solid foundation for creating a new green valley in the Western Desert and achieving the sustainable vision of the Moghra Oasis project.”
Nehal Break, Chairman of Contact Insurance Brokerage, reaffirmed the company’s commitment to innovative insurance services, stating: “We are thrilled to be the insurance partner for SAVE 2.0. This agreement presents a valuable opportunity to enhance the sustainability of the agricultural sector by offering comprehensive insurance coverage to farmers. This includes coverage for crops, pests, livestock, poultry, agricultural equipment, and renewable energy systems such as solar and electrical equipment. Through this partnership, we aim to extend our services to agricultural communities, offering the support they need to stabilize their businesses and achieve sustainable development.”
Under the agreement, Engazaat will provide the infrastructure for the project, including water and clean energy services for the Moghra Oasis, while Contact will offer insurance products to protect farmers against various risks. Additionally, Engazaat will share its client base with Contact to ensure that the required insurance services are delivered as per the agreed terms.
Said Zater, CEO of Contact Financial Holding, emphasized the strategic importance of this partnership, stating: “This collaboration highlights our commitment to supporting the green economy and empowering farmers. By offering specialized insurance products for small-scale farmers, we strive to bring positive changes to their lives and foster sustainable development in rural areas. We are proud to be part of this ambitious project, which marks a significant step towards achieving sustainable development.”
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