Remittances from expatriate Egyptians will reach US$7.68 billion by the end of 2010 despite persistent international financial woes, the ًًًًًWorld Bank (WB) is projecting.
Remittances registered at US$7.15 billion last year and US$8.69 billion in 2008. The Central Bank of Egypt (CBE) last month announced Egyptian expatriate remittance totals for the 2009-2010 fiscal year reached more than US$9.75 billion.
In related news, foreign direct investment totals in Egypt for 2008 reached US$9.5 billion, according to the latest WB report, "Migration and Remittances Factbook 2011."
Official development aid for Egypt totaled US$1.3 billion. And foreign CBE reserves reached US$34.3 billion, the report added.
This year, Egyptian emigrants constitute 0.3 percent of the 83-million-strong Egyptian population, according to WB estimations.
Egyptian expatriate remittances and Suez Canal revenues are chief sources of national income for Egypt, alongside tourism and oil exports.
