The Central Bank of Egypt is reporting an increase in the remittances flowing in from Egyptians outside the country, moving from $29.6 billion in 2020 to $31.5 billion dollars at the end of 2021.
These foreign remittances have proven to be effective in helping the country recover from the effects of the coronavirus pandemic. The transfers also help stabilize the country’s foreign reserves.
The Central Agency for Public Mobilisation and Statistics (CAPMAS) revealed earlier that Egypt ranked sixth in the World Bank’s classification of countries most receptive to remittances from abroad, with a remittance volume of $24.4 billion in 2020. These remittances contribute 6.7% of the country’s total GDP.
In many African countries, remittances by expatriates often surpass the sum of foreign direct investment (FDI) and overseas development assistance (ODA).
Around 13 million Egyptians work abroad, mostly in the neighbouring Gulf countries and the Middle East.