Egypt Issues $2bn-bonds to Reimburse Pensions FundSource: www.export-egypt.com 11/6/2013, Location: Africa |
|
|
|
|
|
Ministry of Finance Ahmed Galal has issued two governmental bonds worth LE14.2 billion (roughly $2 billion) to pay off part of the treasury's debt to two Egyptian insurance funds, one for public employees and the other for those working in the private sector.
The decision, announced on 4/11/2013, aims to decode the financial overlaps between the state’s treasury and pension and insurance funds. Finance Minister Ahmed Galal decided to raise the interest on the second tranche of its debts to the funds to nine percent, compared to eight percent previously. This will enable the annual revenues of the funds to reach LE1.3 billion (roughly $0.19 billion) in order to provide the necessary liquidity to pay pensioners. According to a statement by the finance ministry, the increasing yield will assist the funds in reaching the promised ten percent rise in pensions as of January 2014. The money of public and private pensions and insurance funds, which are by law private, have burdened the public coffers since the government established the National Investment Bank - a state bank managing public investments – in order to meet its financial commitments in the eighties. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
