Finance minister issues EGP14.1bn bonds for Social Insurance Fund

Minister of Finance Hani Qadri Dimian issued bonds worth EGP 14.1 billion at an interest rate of nine percent for the social insurance fund at the governmental sector as well as the public enterprises and private sectors.

The issuance is part of an agreement reached between the Finance Ministry and the Social Solidarity Ministry to settle debts on the the State treasury and pay off the annual pension increase which has been approved during previous years.

The move comes as part of the State's measures to improve the conditions of pensioners.

In statements on Tuesday, Dimian said the term of the five-year bonds is renewable for a similar period and could be paid off partially or as a whole before their due time in 2020/2021.