Egypt’s FRA launches dollar-based pension plan for expatriates

Egypt’s Financial Regulatory Authority (FRA) launched on Tuesday the first pension plan in U.S. dollars for citizens living abroad, in cooperation with the National Bank of Egypt (NBE) and Misr Life Insurance Company.

Egyptian expatriates between 18-59 years old will be able to buy into this plan, which can be started with a one-time payment of a minimum of $500 and a maximum of $10,000, with no further payments required, according to Misr Insurance.

This move aims to motivate Egyptian expatriates to increase dollar remittances while providing social protection at the same time in the form of pensions to beneficiaries.