Egyptian Minister of Emigration and Expatriate Affairs Soha Gendy commended the vital role of the Egyptian expatriates’ remittances in supporting the national economy, noting that expatriates transfers are considered one of the key sources of foreign currency along with Suez Canal and tourism revenues and exports.
This came in a statement released by the Emigration Ministry on Tuesday during Gendy’s participation in a workshop titled “Enhancing Remittances of Egyptian Expats” organised by the Cabinet Information and Decision Support Centre (IDSC).
The minister asserted that Egypt was deeply keen on listening to the ideas of youths and their views on means of enhancing Egyptians’ remittances, noting that contacts with Egyptian youths abroad were the outcome of IDSC efforts upon directives from Prime Minister Moustafa Madbouli.
She reviewed the study made by the ministry on the progress achieved in Egyptian expats remittances and the reasons behind their increase and decrease over various years.
Gendy said Egypt is the sixth biggest country which enjoys the value of remittances of its expatriates abroad and reviewed the new patterns of remittances which are closely related to their needs and services they are willing to enjoy in their country.
Remittances in the year 2021/2022 were valued at $31.9 billion compared with $17.1 billion in the year 2015/2016, said the minister, adding that several financial incentives floated by the state have helped increase the value of transfers, citing the example of the US dollar-denominated annual yield certificates of 7 per cent to 9 per cent yield, which is the highest of its kind worldwide.