Cairo: Europe and the Arabs

The Ministry of State for Immigration and the Affairs of Egyptians Abroad and the Financial Regulatory Authority announced the launch of the first dollar pension document for Egyptians abroad, entitled "Pension tomorrow in dollars", which aims to provide social protection for Egyptians abroad by providing an additional pension for its beneficiaries and disbursing it in dollars. The conference was held in the presence of Mr. Hisham Okasha, President of the National Bank of Egypt, and Mr. Ahmed Abdel Aziz, Managing Director of Misr Life Insurance Company. According to what was stated in a statement issued by the ministry, and we received a copy of it on Tuesday morning

At the outset of her Excellency's speech, Ambassador Soha Gendi expressed her gratitude for accepting the kind invitation from Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, to announce the launch of the document, within the framework of the many and varied initiatives launched by the state in response to the demands of its Egyptians abroad and in the interest of achieving their interests in Their motherland, they are the loyal sons of Egypt who answer the nation's call at all times and support the national economy through their dollar transfers. Ambassador Suha Gendi continued that offering a dollar pension certificate for Egyptians abroad is among the gains made for Egyptians abroad, many of which we discussed during the fourth edition of the Egyptians Abroad Conference, which discussed strategies for providing pension and social security certificates to Egyptians abroad. The Minister of Immigration added that today she has completed a year since assuming the duties of the Ministry. We have implemented many initiatives, and we have listened to Egyptians abroad in more than 50 countries, over more than 250 working hours, within the “An Hour with the Minister” initiative, and we are keen to coordinate with various agencies to achieve The demands of the Egyptians abroad, including this certificate, the document "Tomorrow's Pension in Dollars", which targets Egyptians abroad, to provide a pension in dollars, for the first time. The Minister of Immigration said that the national initiatives aimed at motivating Egyptians abroad to open dollar accounts in national banks, and to issue dollar certificates with a high competitive return. An initiative was also launched to grant customs exemptions to cars for Egyptians abroad, which allows them to enter cars without customs, in return for depositing a deposit in hard currency in the country. central bank. Ambassador Soha Gendi added that the Ministry of Immigration cooperated with the ministries and bodies related to the state, including the General Authority for Financial Supervision, and coordination took place between them with the aim of establishing the investment company for Egyptians abroad, with the participation of a group of the best businessmen from Egyptians abroad with experience, competence and achievements, and who is targeted The issued capital of the company should reach one billion dollars, and 100 million dollars paid-up capital from the group of founders. Her Excellency continued that the Ministry of Immigration is making every sincere effort in order to rebuild trust between Egyptians abroad and their home country, by working with all segments of Egyptians abroad in order to build bridges of this trust and confirm it in light of our new republic, referring to the launch of the fourth edition of the Egyptians Abroad Conference on 31 March. Last July, with the participation of about 1,000 Egyptians from more than 56 countries around the world, describing it as the largest edition at the level of all the previous three editions of the conference in terms of registering the presence of Egyptians abroad, which reflects the ministry’s efforts reaching them in all countries of the world, and also reflects Their desire to communicate with their country and their trust in it, and it represented a great opportunity to review their requests and needs, listen to their proposals, respond to their inquiries, and work on studying and implementing them. The Minister of Immigration stated that the conference witnessed a review of the performance of the Egyptian economy in recent years, and the opportunities to overcome obstacles in light of the global economic crisis and the achievements that have been achieved, by activating financial policy tools to encourage an increase in the rates of cash transfers in hard currency to Egyptians abroad, to support and achieve the goals of the sustainable development process. In the country, as well as promoting good investment opportunities to ensure the effective participation of Egyptians abroad in investing in Egypt, in addition to making a presentation on the establishment of the joint stock company for the investments of Egyptians abroad in response to the demands of Egyptians abroad at the Egyptian Entities Abroad Conference in its previous edition 2022, and the importance of the participation of Egyptians abroad was discussed in The national dialogue being a great national opportunity to exchange visions and different points of view on important issues among the various groups of people at home and abroad, to work on addressing the challenges they face because they are an integral part of the political process in Egypt. The minister also pointed out that during the conference, ways of coordinating with the Ministry of Social Solidarity regarding the establishment of the Egyptians Abroad Fund were discussed, seeking to achieve solidarity among Egyptians abroad, as well as providing health and social insurance services, as well as ensuring the transportation of the bodies of Egyptians abroad in case of emergency, and medical evacuation. In critical cases, reviewing the efforts of the Ministries of Immigration and Communications regarding the launch of an electronic application for Egyptians abroad that includes all electronic services and benefits aimed at facilitating them, and reviewing ways to promote among communities to participate in the social insurance available to Egyptians abroad, in coordination between the Ministry of Immigration and the National Authority for Social Insurance. The minister said that we seek to provide information to Egyptians abroad, to enable them to transfer the achievements of the homeland, so that the future becomes better for all, and I repeat my congratulations to the Egyptians abroad on the occasion of achieving an urgent demand from their demands, and we always promote all products through our official platforms on Social networking sites and through groups of Egyptians abroad.
Ambassador Suha Gendy concluded her speech, stressing that the Ministry of Immigration is interested in effective and continuous communication with the Egyptians and investors abroad, working to solve their problems, responding to their demands and proposals, and overcoming all obstacles in front of them.
For his part, Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, stated in his speech that the authority is hosting the launch of this certificate, which aims to allow Egyptians abroad to subscribe to these documents, praising the efforts of the National Bank of Egypt and Misr Life Insurance Company, in making the subscription process available and paying dues. Digitally, to keep pace with the digital transformation steps in the current period, in coordination with the Central Bank of Egypt.
Dr. added. Mohamed Farid, that the subscription will be available starting from Monday, August 15th, which confirms the solidity of the digital environment, the development of products and the development of markets for the benefit of beneficiaries, including Egyptians abroad.
For his part, Mr. Hisham Okasha, President of the National Bank of Egypt, explained that the availability of an insurance product in dollars for Egyptians abroad comes as a result of cooperation between the various concerned state institutions, to launch the first insurance product in dollars for Egyptians abroad, in addition to encouraging financial inclusion and involving Egyptians abroad in the system. Banking, within the strategy of the National Bank of Egypt.
In turn, Dr. Ahmed Abdel Aziz, Managing Director of Misr Life Insurance Company, explained that this product expands the distribution channels of insurance products, which increases the contributions of insurance to the gross domestic product, referring to the launch of a reel pension document in dollars, and allowing it to be obtained digitally, and is provided in one or more installments. Payments, the same benefits in the event of death or total disability, and the ability to pay without committing to a specific period of payment.
Abdel Aziz added that there is a possibility for the customer to obtain a maximum of two documents, and the minimum installment is 500 US dollars, and the payment can be increased in different ways, through the phone application or the company’s website, with a maximum of 10 thousand dollars per document during the year.
Abdel Aziz explained that the pension document can be purchased in dollars for people from 18 to 59 years old, and the minimum age of the document is 5 years, and a maximum of two documents per person can be subscribed, while the minimum is $500, and the document payment can be increased on a daily basis, to reach 10 thousand. Maximum of $1,000 per year.
Abdel Aziz stated that it is possible to subscribe without committing to a specific periodic payment on the part of the subscribers, through the website of the Misr Life Insurance Company, and it is also possible to subscribe from abroad with a credit card issued by a bank outside Egypt, or a debit from his account outside Egypt, and credit cards issued by banks inside Egypt are not accepted. Egypt, pointing out that the subscription is through the Misr Life Insurance Company website:
https://shorturl.at/fsEFZ
, or Misr Life Insurance application:
https://play.google.com/store/apps/details...
  The pension is also paid either all at once or through a fixed monthly pension that is paid for a period of 10 or 15 years.
In January 2022, the Ministry of Immigration had previously launched an insurance policy for Egyptians working and residing abroad with an annual premium of 100 pounds, which could cover the costs of transporting the body back in the event of death, or the payment of appropriate compensation for accidents with specific sums of money, in cooperation with the Egyptian Insurance Federation and the General Authority. Financial control and in coordination with the concerned authorities.