AlexBank Disbursed 114, 000 Yellow Remittances

Alex Bank, subsidiary of Intesa Sanpaolo Group, disbursed EGP 476 million in the last three weeks which is the value of 114 thousand yellow remittances, money owed by Iraq to Egyptian workers who left the country in the 1990s during the first gulf war.

Sources told Amwal Al Ghad that the Bank disbursed EGP 30 million on a daily basis, the value of 9 thousand yellow remittances.

Alex Bank increased the bank’s branches from 55 to 75 assigned to disburse the remittances, so as to decrease the overcrowding on the branches.

National Bank of Egypt, Arab African International Bank, Banque Misr and AlexBank are disbursing the yellow remittances whose value is US$ 408.38 million owed to 670 thousand Egyptians.

Ministry of Workforce and Immigration announced that the required documents for disbursing yellow remittances are the original remittance or the passport in which it is documented the value of remittances.