Egypt's Misr Life Insurance, NBE launch first USD pension certificates for expats

Ahram Online , Monday 14 Aug 2023

State-owned Misr Life Insurance and the National Bank of Egypt (NBE) launched on Monday the first USD pension certificates for Egyptians working abroad.

Press conference
Press conference for the launch of the certificates.


Named Maash Bokra "Future Pension," the certificates are available for people aged between 18 and 59, while their maturities start from five to 15 years, top executives at Misr Life Insurance and NBE stated at a press conference. 

Certificate holders can determine the age of the disbursement of the pension which can reach 65 years.

Pension certificates can be purchased starting from $500. Customers can make additional payments with a minimum of $50 and a maximum of $10,000 per year.

There are no fixed installments and each payment is considered a separate certificate.

In case of death and total permanent disability, pensions will be paid in full immediately.

Customers aren't required to submit any medical documents for purchasing the pension certificates.

The NBE announced the launch of the new USD pension certificates in July, as the bank released new USD certificates of deposit and offered a bundle of new services and privileges for Egyptians working abroad alongside Banque Misr, another state-owned bank.

The backdrop for these financial initiatives is Egypt's current challenge in coping with a shortage of US dollar liquidity in the local market and a financing gap estimated at $17 billion through 2026.

Prime Minister Mostafa Madbouly revealed in July the government's plan to enhance the country's US dollar liquidity to reach $191 billion by 2026. The government will focus on leveraging revenues from tourism, the Suez Canal, remittances, and commodity exports to bolster the nation's financial position.


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