CAIRO – July 13, 2023: Egypt is seeking to boost the volume of remittances received from Egyptian expats by 10 percent year-on-year in the next 3 years to reach around $45 billion in 2026.
This was revealed by Prime Minister Mostafa Madbouly in a recent press conference held in the New Administrative Capital. The conference reviewed the position of government proposals and a number of measures being implemented by the government across various sectors.
Egypt has received over $219.4 billion in remittances from Egyptian working abroad in the past 10 years, according to the latest data by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Remittances sent back to the country by Egyptian expats fell by 23 percent during the first half of FY2022/2023, reaching $12 billion compared to $15.6 billion recorded during H1 2021, the Central Bank of Egypt revealed in May.
Egypt was ranked among the top recipients of remittances in the Middle East and North Africa (MENA) region in 2022 according to a report by the World Bank in June, despite remittances dropping by 10 percent in 2022 to record $28.3 billion.
