Gamal Awad: Insurance Investments Rise 212.9% in Three Years
Major General Gamal Awad, Chairman of the Egyptian Social Insurance Authority, highlighted the development of Egypt's social insurance system. He explained that the government decided in 2018 to transition to a new system due to issues with the old one and the need for financial resources to ensure pension payments. He pointed out that the Authority's investments are long-term, with its market value increasing from 30 billion Egyptian pounds three years ago to 84 billion pounds currently—an increase of 53 billion pounds. This growth included dividends totaling 5.8 billion pounds and a capital increase of 5 billion pounds, leading to a 212.9% rise in insurance profits over three years. He affirmed that the pension funds are protected and managed securely in accordance with the law, and that there will be no risk to contributors' funds, with promising news expected soon regarding the Authority's investments.
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