Finance Minister Hany Qadry Dimian has issued two bonds through the public treasury, in order to finance the pensions of public and private sector workers. The bonds are worth LE14.1 billion and they carry a 9 percent interest rate.
The bonds are designed to finance the annual pensions increase. It is the fifth batch of funding previously agreed upon by the MoF and the Ministry of Social Solidarity, according to Dimian, who pointed that the bonds have a five-year, renewable maturity period.
Starting from fiscal year 2006\2007, the MoF has issued a number of bonds for social insurance funds, worth LE205.4 billion.
