Egypt ranks fifth in the world for remittances from workers abroad

State Minister for Immigration and Affairs of Egyptians Abroad, Nabila Makram Ebeid, revealed that Egypt ranks fifth in terms of remittances from Egyptians abroad and, despite all the challenges, Egypt was in able to overcome all these economic challenges and take a leap into remittances.

This is what emerges during the activities of the conference “The Role of Cash Transfers in Increasing Investment and Achieving Sustainable Development “, which is taking place in collaboration with the International Organization for Migration and the Italian Agency for Development Cooperation, with the participation of the Minister of Economic Planning and Development, Dr. Hala Al-Saeed, where the conference will discuss ways to increase support for Egyptians overseas development contributions National.

He stressed that the Ministry of Immigration is working to strengthen the confidence of Egyptians in their country’s economy, indicating collaboration with the Ministry of Planning in the fifth edition of the “Egypt Can” conferences. We have visited national projects, which have produced many results, and Egyptians abroad have started many projects in homeland.

And he continued: “We also worked with the Egyptian stock exchange to invest in the Egyptian capital market, and a cooperation protocol was signed with the stock exchange to encourage Egyptians abroad to invest in the Egyptian stock market, as well as establishing a unit. special in the General Authority for Egyptian Investments Abroad, which directs Egyptian investors abroad to set up the project they want to invest.We have also worked with the House of Representatives, and are working to raise and lift the status of the country and disprove all rumors that are being promoted abroad, as well as the role of the Nasser Higher Military Academy in clarifying the facts to Egyptians abroad and what is happening in land of Egypt in terms of development and achievements.

He said initiatives have been taken to involve Egyptians abroad in development projects and to respond to their requests, thus participating in the promotion of the Egyptian state’s efforts regarding the national project for the development of the Egyptian countryside, “a decent life” and other national development projects.

He said I’m at studio all requests of Egyptians abroad, such as the establishment of an investment fund for Egyptians abroad, the assignment of bonds in dollars and the issue of customs exemption, and continued: “Egyptians abroad want to get state support for them, so we are holding this conference for two days to discuss all their questions and answer them, in a way to help maintain this historic level of remittances from Egyptians abroad.

Cairo

Cairo

Preliminary data showed an increase in remittances from Egyptians working overseas during fiscal year 2020/2021, at a rate of 13.2%, around $ 3.7 billion, to reach an all-time high. , recording approximately $ 31.4 billion, compared to approximately $ 27.8 billion in the previous fiscal year 2019/2020.

Data issued by the Central Bank of Egypt indicated that remittances during the period from April to June 2021 increased by 29.6% to record about $ 8.1 billion, compared to about $ 6.2 billion during the period from April to June 2020.

Remittances increased in June 2021 at an annual rate of 15.5% to record about $ 2.9 billion, compared to about $ 2.6 billion in June 2020.

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