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Egypt 6th largest recipient of remittances, says World Bank

Remittances to the Middle East and North Africa have increased, as Egyptians send money home to their families in light of political uncertainties

Egypt ranked place number 6 in the World Bank’s list of countries with the highest amount of remittances or transfers from abroad, as it received transactions worth $18 billion.

According to the World Bank’s latest brief on Migration and Development, emerging markets experienced an increase of 6.5% in transfers, adding up to $406 billion in 10 countries: India, China, Mexico, Philippines, Nigeria, Egypt, Bangladesh, Pakistan, Vietnam and Lebanon.

The report explains the rise in Egypt: “Remittances to Egypt have surged since 2010, perhaps driven by increased support by migrants to their families in the face of political uncertainty or savings brought by returning migrants.” However, the Sharq AlAwsat newspaper recently released a study claiming that the majority of Egyptians abroad are not optimistic and confident about the coming period, referring to the state of Egypt’s affairs.

The World Bank brief reports that in 2012, remittances to the Middle East and North Africa are expected to reach $47 billion. This is 4.7% less than what was transferred in 2011.

On the other hand, remittances to Europe, Sub-Saharan Africa and Central China have severely decreased, due to the global economic crisis.