Remittances from the Egyptian diaspora have become the country's largest source of foreign exchange, ahead of export earnings, Suez Canal revenue, tourism revenue and foreign direct investment.
Egypt is preparing to launch an investment company aimed at capturing part of the savings of migrants to direct them towards productive investment projects, Asharq Business, an economic information site reported on Friday (November 25th). , quoting the Minister of Emigration and Affairs of Egyptians Abroad, Suha Gendy.
“We are working to create an investment company to attract the savings of Egyptians residing abroad and inject them into major investment projects,” said the minister, indicating that this company will be listed on the Egyptian Stock Exchange. Cairo. “The company which is expected to launch next year will provide a good return on investment for expats,” she added.
Remittances from Egyptian migrants reached $20.9 billion in the first eight months of 2022, compared to $21.4 billion in the same period a year earlier, according to data from the Egyptian Central Bank.
According to World Bank statistics, these transfers had reached $31.5 billion in 2021 (up 6.4% compared to 2020), equivalent to 8% of the country’s GDP, becoming the first source of the country’s foreign exchange, ahead of export earnings, income from the Suez Canal, tourism income and foreign direct investment (FDI).
Egypt has a diaspora estimated at 10 million people, the majority of whom are established in the oil-rich Gulf monarchies, the United Kingdom and the United States.