Egypt aims to attract $45bn remittances annually by 2026 – PM

Egypt’s Prime Minister Moustafa Madbouly announced that the government is targeting to increase remittances of Egyptian expats by 10 percent annually over the next three years to reach $45 billion in 2026.

There are many plans to achieve this target, such as launching dollar savings funds by the Central Bank of Egypt to attract Egyptian remittances to the official market, Madbouly added on Tuesday.

The volume of remittances from Egyptians working abroad amounted to $219.4bn over the past ten years, the Central Agency for Public Mobilisation and Statistics (CAPMAS) recently showed.