Egypt's postal authority records $10.7 billion transactions in 2001
Transactions totaling 50 billion Egyptian pounds ($10.7 billion) were carried out through Egypt’s National Postal Authority (NPA) in the year 2001, according to NPA Chairman Ahmed Al-Sowly. Of this total, seven billion EP were pension funds distributed to some three million individual accounts, reported Al-Ahram. NPA would pay out EP1.5 billion in interest this year to its 10 million savings accounts holders.
The Egyptian post provides the usual letter-post services and, in the financial field, savings and giro services and the payment of pensions. The NPA also issues vehicle licenses and insurance certificates.
In August 2001, Egypt’s Minister of Communications and Information Technology (ICT) approved the strategic framework for the modernization of the postal sector in Egypt. The new strategy involves cooperation with institutions such as the World Bank and specialized consultancy firms to deploy the one-year implementation plan. The authority functions as an independent financial entity.
This process will lead to the improvement of the institutional structure of the NPA including an upgrade of its operational capacity for delivering postal and financial services as well as supportive services such as print shops, training, and e-commerce activities.
