The Ministry of Planning and Economic Development in Egypt announced on Monday that the total sum of remittances of Egyptians living abroad will amount to approximately $29.6 billion in 2024. This is 51.3% more than the previous year, when remittances amounted to about $19.5 billion.
According to the Ministry, the increase in remittances is linked to the rise in the number of emigrants from Egypt and improved mechanisms for conducting such transactions. Countries in North America and the countries of the Persian Gulf have become the main sources of remittances in 2024.
The high level of remittances indicates the importance of the role of emigrants in the economy of the country, especially in conditions of economic challenges caused by the COVID-19 pandemic. It also underscores the reliability of the Egyptian diaspora as a supporting factor for the financial stability of the home country.
