Egypt’s remittances soar by 45.3% in first 10 months of 2024 – minister

Remittances from Egyptians abroad surged by 45.3 per cent in the first ten months of 2024, driven by the state’s recent economic reforms implemented in March 2024, Minister of Investment Hassan El-Khatib announced on Sunday.

Total remittances reached approximately $23.7 billion, a significant increase from $16.3 billion during the same period in 2023. This impressive growth strengthens Egypt’s position among the top seven countries globally for remittances from foreign workers, a crucial contributor to the nation’s economy, the minister noted.

Minister El-Khatib attributed the surge to the government’s continuous efforts to improve the economic environment, despite earlier challenges related to exchange rate fluctuations. He expressed confidence that Egypt is on track for even greater remittance inflows in the coming years.

Egypt boasts a skilled workforce that is in high demand worldwide, said Minister El-Khatib, adding that this competitive edge puts the country in an excellent position to further boost remittances and fuel economic growth. He emphasised the key role that qualified Egyptian professionals abroad play in driving these impressive figures.

The minister also highlighted the importance of the government’s strategic reforms in enhancing economic stability and strengthening ties with global markets, which are essential for maintaining the momentum of remittance growth.

Minister El-Khatib made these remarks during his participation in the launch of the CIRA Care Initiative, which focuses on developing Egypt’s pastoral economy and enhancing its human capital. This initiative is part of broader efforts to strengthen Egypt’s position in the global economy by capitalising on its human resources and improving its economic resilience.

Attribution: Amwal Al Ghad English