Prime Minister Moustafa Madbouly of Egypt has revealed the government’s ambitious plan to increase remittances from Egyptian expatriates by 10% each year over the next three years, with the goal of reaching $45 billion by 2026. The announcement, made on Tuesday, underscores Egypt’s commitment to harness the economic potential of its citizens residing abroad.
To achieve this target, the Central Bank of Egypt plans to introduce dollar savings funds, specifically designed to attract Egyptian remittances into the official market. This strategic move aims to incentivize expatriates to utilize formal channels for sending money back to their home country.
According to recent data from the Central Agency for Public Mobilisation and Statistics (CAPMAS), the volume of remittances from Egyptians working abroad has amounted to an impressive $219.4 billion over the past decade. This figure highlights the significant contribution of expatriate remittances to Egypt’s economy and underscores the potential for further growth.
By actively implementing measures to tap into this substantial source of income, Egypt seeks to leverage the financial resources and expertise of its expatriate community. The government’s focus on boosting remittances not only aims to enhance the country’s foreign exchange reserves but also to stimulate domestic economic development and support various sectors.
With a strategic vision in place, Egypt is poised to forge stronger connections with its expatriate population and create a favorable environment for remittances. The government’s proactive approach demonstrates its commitment to maximizing the economic benefits derived from its citizens living abroad and underscores the importance of remittances as a catalyst for growth and development in the country.
