The African Reinsurance Corporation (Africa Re) plans to inaugurate two new regional offices in Africa within the upcoming period, said Omar Gouda, Regional Director of Africa Re for North East Africa and the Middle East. Mr. Gouda further stated that Africa Re intends to open up two regional offices in Ghana and the Sudan. Africa Re is still in talks with the Ghanaian government over inaugurating the company's new regional branch there, he added. "Ghana's insurance sector has been developing very rapidly." Mr. Gouda noted Furthermore, he said the insurance sector in Africa has become globally one of the most promising markets and turned to be more alluring than the Egyptian market which is still haunted by the political and economic turmoil. Gouda revealed that Africa Re is targeting paid-up capital hike by US$ 200 million to eventually reach US$ 500 million by 2015. It is worth mentioning that about 40 African countries are co-founders of Africa Re. Egypt's representatives in the company are the Egyptian Financial Supervisory Authority (EFSA), Misr Insurance Company, Al Mohandes Insurance Company and Misr Life Insurance Company.
