NBE, Banque Misr announce new finance options for Egyptian expats

Muhammed Khalid , Tuesday 25 Jul 2023

The state-owned National Bank of Egypt (NBE) and Banque Misr announced on Tuesday a bundle of new services and privileges for Egyptians working aboard.

This file picture taken on August 25, 2022 shows Egyptian pound and US dollar banknotes. AFP
This file picture taken on August 25, 2022 shows Egyptian pound and US dollar banknotes. AFP


The new services include loans, mortgage finance, and privileges regarding the newly announced certificates of deposits (CDs).


New loans

NBE announced that it will offer new four-year loans of between EGP 50,000 and EGP 3 million for Egyptians abroad against their salaries, on the condition that they transfer instalments in foreign currency. Loan applicants must be between 21-60 years of age.

Instalments of the new loans are to be paid in foreign currency based on the exchange rate at the date of payment at an interest rate 2.25 percent lower than the borrowing rate set by the Central Bank of Egypt (CBE) at the date of receiving the loan.

Egyptian expatriates can apply for the new loans at any NBE bank branch starting on Wednesday, 26 July, or through other channels soon to be announced by the NBE.

The new loans will be provided without administrative expenses, and include free life insurance, the details of which have not yet been disclosed by the NBE.

Banque Misr has announced a similar offer of four-year loans of up to EGP 3 million for Egyptian expatriates.

The Banque Misr loans will include free insurance covering death or total disability.

NBE will also enable holders of Al Ahly Plus CDs to secure a loan for investment purposes of up to 50 percent of the total CD value, with a cap of EGP 10 million, backed by the CD itself. 

The interest rate for this loan is set at 2.25 percent below the CBE interest rate.


Pensions for Egyptians abroad

The NBE will soon announce a pension program for Egyptians working abroad in collaboration with Misr Life Insurance. The announcement will take place during a press conference next week at the Financial Regulatory Authority (FRA).


CD options for expats

NBE announced payment options catering to Egyptians abroad concerning the newly announced US-denominated certificates of deposits.

Overseas Egyptians without a foreign currency bank account can buy the new Al Ahly Plus and Al Ahly Fawran CDs through bank transfers. NBE will then open foreign currency subaccounts for them.


Mortgage finance program

Banque Misr has also launched a mortgage finance program for Egyptian expatriates covering up to 80 percent of unit prices.

The new program offers payment periods of up to 15 years.

All relevant details are available on the bank's website.

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