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Egypt Launches Insurance Pension Program For Expats
Egypt Launches a New Insurance Pension Program For Expatriates
The New Insurance Pension Program aims to motivate Egyptian expats to increase dollar remittances while providing social protection at the same time in the form of pensions to beneficiaries.
The program was constructed after the cooperation between the National Bank of Egypt, and misr life insurance, a subsidiary of Misr Insurance Holding Company.
Additionally, expats from the age of 18 until 59 will be able to purchase a pension plan in US Dollars.
Moreover, the duration of each policy is set to be five years, provided that the pension is paid in its entirety in one payment or through a fixed monthly pension that is paid over a period between 10 and 15 years.
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What’s the reason behind the program?
The planned policy comes within a framework of initiatives launched by the Egyptian government to increase the remittances of Egyptian expatriates which fell to approximately $13 billion during the first six months of 2023.
These initiatives include motivating expatriates to open bank accounts in US dollars and buying dollar savings certificates with a high competitive return.
The Egyptian Financial Supervisory Authority will also conduct a press conference in order to provide more details regarding the launch of the first pension programs to be in US Dollars.
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