Egypt launches US Dollar-denominated pension plan for expatriates

Egypt launches US Dollar-denominated pension plan for expatriates

Egypt has launched a pension plan for Egyptian expatriates, denominated in US dollars, as the government seeks to attract foreign currency amid a liquidity crunch.

The plan, called “Tomorrow’s Pension,” was launched during a Monday press conference b y Misr Life Insurance in cooperation with the National Bank of Egypt (NBE). It is the latest in a series of initiatives launched by the Egyptian government to tackle the crisis, which has been exacerbated by the war in Ukraine and the COVID-19 pandemic.

Other initiatives include offering high-yield dollar certificates through NBE and Banque Misr to attract dollar liquidity from citizens, granting customs exemptions for the cars of Egyptians abroad in exchange for depositing hard currency in the central bank and establishing an investment company for Egyptians abroad.

Mohamed Farid, Chairperson of the Egyptian Financial Regulatory Authority (FRA), said the plan includes an integrated insurance program, as well as investment and cumulative savings features. This ensures that clients receive a suitable retirement income at their chosen age.

Soha Gendi, Minister of State for Emigration and Egyptian Expatriates’ Affairs, said the launch of the pension plan is part of the many and varied initiatives launched by the state to respond to the demands of its citizens