Egypt’s Financial Regulatory Authority announced the launch of the first US dollar-based pension plan for Egyptians residing overseas, on Monday, 15 August. This plan will be issued by Misr Life Insurance Company, in cooperation with the National Bank of Egypt (NBE).
This pension plan, which starts with a one-time payment of a minimum of USD 500 (EGP 15,451) and a maximum of USD 10,000 (EGP 309,034), is open to Egyptian expatriates aged 18 to 59.
Pensioners can choose to redeem their investments as a lump amount or in monthly installments over a period of either 10 or 15 years, and they can make a monthly payment in US dollars over a period of 10 to 15 years.
Additionally, individuals have the option of choosing to start receiving their payments at 50, 55, 60, or 65 years of age. If a pensioner dies or becomes permanently disabled prior to the predetermined retirement age, the full pension fund will be given to them or their beneficiaries immediately.
In July of this year, a number of new benefits and services for Egyptians working abroad were unveiled by the NBE and Banque Misr, including loans and mortgage finance.
For Egyptians living abroad, the NBE said that it will extend four-year loans of between EGP 50,000 (USD 1,617.45) and EGP 3,000,000 (USD 97,041) in exchange for installments made in foreign currencies. Loan applicants must be between 21 and 60 years old.
Banque Misr also started an 80 percent mortgage financing programme for Egyptian expats. The new programme offers up to 15-year payment terms.