Misr Life Insurance and the National Bank of Egypt (NBE) jointly launched Maash Bokra “Future Pension,” the first USD pension certificates for Egyptians working overseas.
The certificates are available to individuals aged between 18 and 59 and have maturities ranging from five to 15 years. Certificate holders can choose the age at which they receive their pension payments, which can extend up to 65 years. The certificates can be purchased for a minimum of $500, with additional payments of at least $50 and a maximum of $10,000 annually. There are no fixed installments, and each payment is a separate certificate. Customers do not have to provide medical documents to buy the certificates.In the event of death or total permanent disability, the pension is paid out immediately. The new USD pension certificates are part of the NBE’s recent initiative to address Egypt’s shortage of US dollar liquidity and a financing gap of $17 billion, which the government plans to address by increasing the country’s US dollar liquidity to $191 billion by 2026, using revenue from tourism, the Suez Canal, remittances, and commodity exports