Misr Life Insurance, NBE launch Egypt’s first USD pension plans

CAIRO - 14 August 2023: Egyptian expats can now buy a USD pension plan in Egypt through Misr Life Insurance and the National Bank of Egypt, Financial Regulatory Authority Chairman Mohamed Farid announced at a press conference Monday. This comes within Egypt’s efforts to increase the country's foreign currency.

The minimum amount is $500 and the maximum is $10,000 per plan during the year. Installments can be added at a minimum of $50 per installment for the purpose of increasing the due pension provided that the total paid installments do not exceed $10,000 during one year.

The new offering named “Maash Bokra” will allow expats from the age of 18 to 59 living abroad to buy into a pension plan with a monthly USD payment, which can then be redeemed as a lump sum or in monthly payouts over 10 to 15 years. The minimum period for the pension plan is 5 years.

This comes within the framework of the initiatives launched by the government to increase remittances of Egyptians abroad, which recorded $13 billion in the first 6 months of this year. The initiatives included motivating Egyptians abroad to open USD accounts, and issuing USD certificates with high competitive rates.