The Egyptian Monetary Supervisory Authority will maintain a press convention to announce the small print behind launching the primary insurance coverage pension coverage in US {dollars} for Egyptian expatriates.
The transfer is being carried out in cooperation with the Nationwide Financial institution of Egypt and Misr Life Insurance coverage Firm, a subsidiary of the Misr Insurance coverage Holding Firm.
The brand new coverage goals to encourage Egyptian expatriates to extend greenback remittances, whereas offering social safety on the similar time within the type of pension to beneficiaries.
Expatriates between 18-59 years outdated will be capable to buy a pension plan in {dollars}.
The minimal length of every coverage shall be 5 years, supplied that the pension is paid both in a single fee or by means of a set month-to-month pension that’s paid over a interval between ten and 15 years.
The minimal and most premium for every coverage shall be introduced throughout the press convention.
The deliberate coverage comes inside a framework of initiatives launched by the Egyptian authorities to extend the remittances of Egyptian expatriates, which fell to about $13 billion throughout the first six months of 2023.
These initiatives embrace motivating expatriates to open financial institution accounts in US greenback and shopping for greenback financial savings certificates with a excessive aggressive return.
The Nationwide Financial institution of Egypt introduced its cooperation with the Misr Life Insurance coverage Firm, to rearrange for the issuance of a brand new pension coverage.
The financial institution said that issuing a greenback pension coverage for Egyptian expatriates was primarily based on the approval issued by the Egyptian Monetary Supervisory Authority for Misr Life Insurance coverage Firm in March 2023, after finishing all the mandatory operational necessities.
The Egyptian authorities is intensively looking for to extend greenback revenues to cowl its overseas liabilities, which have elevated sharply for the reason that first quarter of 2022.
Different initiatives associated to Egyptian expatriates included a zero customs initiative to import vehicles for private use, which raised about $900 million, and the customs exemption initiative on gold imports.
The quantity of exempted gold imported below this initiative, amounted to about 600 kilograms inside three months.
The federal government additionally seeks to ascertain an funding firm for Egyptian expatriates, by means of the usage of the most effective specialised consulting places of work.
