Finance minister issues two securities at LE 14.2 bn

Ahmed Galal, the Minister of Finance, issued two securities worth LE14.2 billion for the two social insurance funds.
Workers at the private and public sectors benefit from both funds.
The securities were issued at an interest rate of 9 percent, starting from 1 July 2013.
Galal said in a statement, Monday, he coordinated with Ahmed al-Boraei, Minister of Social Solidarity, regarding the securities.
The Ministry of Finance issued the two securities to meet the debts of the public insurance treasury instead of issuing of Islamic bonds, as it was the case before the Ministries of Finance and Social Solidarity sign a memorandum of understanding last month on debt repayment mechanisms.
The minister stressed the move will bring an additional income to the Solidarity Ministry estimated at about 1.3 billion; thus contributing to finance part of the Cabinet’s decision to increase pensions by 10 percent in January 2014.
Edited translation from Al-Masry Al-Youm

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