Egypt’s World Bank-led social security scheme budget at EGP 13.7bn
Egypt has increased the budget of its social security programme – Takaful and Karama – to 13.7 billion Egyptian pounds ($850.6 million) in six years, said prime minister on Tuesday.
Moustafa Madbouly made these remarks at an event organised by the U.S. Chamber of Commerce marking the 40th anniversary of the U.S.-Egypt Business Council.
“Takaful and Karama programme’s budget recorded around 18.7 billion pounds during the financial year 2019/2020, up from 5 billion pounds during the financial year 2013/2014,” Madbouly said.
The programme, which translates to Solidarity and Dignity, was launched in 2015 with $400 million in financing from the World Bank Group.
Takaful and Karama programme reached more than two million impoverished households nationwide, benefiting approximately nine million individuals across all 27 governorates, or approximately 10 percent of Egypt’s population.
Women comprise 88 percent of the programme’s beneficiaries.
Carried out by the Social Solidarity Ministry, the programme offers monthly conditional pensions to vulnerable families and non-conditional pensions to poor, elderly citizens and people with severe disabilities and diseases, as well as orphans.