By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Al-Sisi rejects claims of militarising teachers
    Al-Sisi rejects claims of militarising teachers
    September 27, 2023
    Egypt, Switzerland discuss improving economic ties, investment opportunities
    Egypt, Switzerland discuss improving economic ties, investment opportunities
    September 27, 2023
    Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
    Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
    September 27, 2023
    City Farm targets $50m in sales of frozen agricultural products in American market
    City Farm targets $50m in sales of frozen agricultural products in American market
    September 27, 2023
    Smoking alternatives could reduce cigarette use, save lives: NCI study
    Smoking alternatives could reduce cigarette use, save lives: NCI study
    September 26, 2023
  • Politics
    PoliticsShow More
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    September 27, 2023
    Presidential election in Egypt set for 10-12 December
    Presidential election in Egypt set for 10-12 December
    September 25, 2023
    Defence Minister meets NATO Military Committee chief
    Defence Minister meets NATO Military Committee chief
    September 25, 2023
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    September 24, 2023
    Al-Sisi highlights opportunities for mutual benefit with China
    Al-Sisi highlights opportunities for mutual benefit with China
    September 24, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Remittances to Egypt increase 11% to high of $30bn in 2020: World Bank
Share
Notification
Latest News
Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
Egypt Politics
Al-Sisi rejects claims of militarising teachers
Al-Sisi rejects claims of militarising teachers
Business
Egypt, Switzerland discuss improving economic ties, investment opportunities
Egypt, Switzerland discuss improving economic ties, investment opportunities
Business
Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
Business
City Farm targets $50m in sales of frozen agricultural products in American market
City Farm targets $50m in sales of frozen agricultural products in American market
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Remittances to Egypt increase 11% to high of $30bn in 2020: World Bank
BusinessEgypt

Remittances to Egypt increase 11% to high of $30bn in 2020: World Bank

Shaimaa Al-Aees
Last updated: 2021/05/13 at 4:38 PM
By Shaimaa Al-Aees 3 Min Read
Share
Remittances to Egypt increased 11% in 2020, to record a high of nearly $30bn, the World Bank has revealed.
SHARE

Remittances to Egypt increased 11% in 2020, to record a high of nearly $30bn, the World Bank has revealed.


It added that remittance flows to the Middle East and North Africa (MENA) region rose by 2.3% to about $56bn in 2020.


The growth is largely credited to strong remittance flows to Egypt and Morocco, with the latter reporting a rise of 6.5%. Also registering an increase in remittance flows was Tunisia, which saw a 2.5% rise.


In contrast, other economies in the region experienced losses in 2020, with Djibouti, Lebanon, Iraq, and Jordan posting double-digit declines. In 2021, remittances to the region are likely to grow 2.6%, due to moderate growth in the Euro area and weak outflows from the Gulf Cooperation Council (GCC) countries. 


The cost of sending $200 to the region fell slightly in the fourth quarter (Q4) of 2020 to 6.6%. Costs vary greatly across corridors, with the cost of sending money from high-income countries in the Organisation for Economic Co-operation and Development (OECD) to Lebanon remaining very high, mostly in the double digits.


On the other hand, sending money from GCC countries to Egypt and Jordan costs around 3% in some corridors.


Despite the novel coronavirus (COVID-19) pandemic, global remittance flows remained resilient during the year, registering a smaller decline than previously projected, the World Bank added.


Officially recorded remittance flows to low- and middle-income countries reached $540bn in 2020, just 1.6% below the 2019 total of $548bn, according to the World Bank’s latest Migration and Development Brief.


The decline in recorded remittance flows in 2020 was smaller than that reported during the 2009 global financial crisis, which stood at 4.8%. It was also far lower than the fall in foreign direct investment (FDI) flows to low- and middle-income countries, which, excluding flows to China, fell by over 30% in 2020.


As a result, remittance flows to low- and middle-income countries surpassed the sum of FDI, of $259bn, and overseas development assistance of $179bn in 2020 according to the World Bank.


The main drivers for the steady flow included fiscal stimuli that resulted in better-than-expected economic conditions in host countries. It also caused a shift in flows from cash to digital, and from informal to formal channels, alongside cyclical movements in oil prices and currency exchange rates.


The true size of remittances, which includes formal and informal flows, is believed to be larger than officially reported data, though the extent of the impact of COVID-19 on informal flows is unclear.

You Might Also Like

Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia

Al-Sisi rejects claims of militarising teachers

Egypt, Switzerland discuss improving economic ties, investment opportunities

Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister

City Farm targets $50m in sales of frozen agricultural products in American market

Share this Article
Facebook Twitter Email Print
Previous Article Egyptian, US navies hold joint exercises in Red Sea Egyptian, US navies hold joint exercises in Red Sea
Next Article Egypt, Russia demand Israel end bloodshed in Occupied Palestinian Territories Egypt, Russia demand Israel end bloodshed in Occupied Palestinian Territories
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
Egypt Politics
Al-Sisi rejects claims of militarising teachers
Al-Sisi rejects claims of militarising teachers
Business
Egypt, Switzerland discuss improving economic ties, investment opportunities
Egypt, Switzerland discuss improving economic ties, investment opportunities
Business
Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
Egypt aims to boost private sector’s role in economic activity to 65% in medium term: Finance Minister
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?