The public treasury has paid a total of 330.5 billion to the National Authority for Insurance and Pensions (NAIP) under an agreement to settle financial entanglements, Finance Minister Mohamed Maait said Saturday 03/07/2021.

The agreement was signed with the Ministry of Solidarity on July 1, 2019 to pay off insurance funds’ dues accumulated over half a century, in line with Insurance and Pension Law No. 148/2019.

In press release, Maait revealed that the incremental rate of annual installments the authority receive under the agreement had been increased from 5,7 to 5,9 percent, in line with the State’s recently adopted measures to improve pensioners’ living conditions.

As of 2019, the public treasury is expected to pay the authority around LE 45 trillion over 50 years – the period of the agreement, Maait pointed noted.

Source: State Information Service Egypt