Arab Finance: The World Bank projects remittance flows to Egypt to increase by 3.1% in 2023 followed by a decline of 1.4% in 2024, according to the bank’s latest forecast report.

Remittances to Egypt, the biggest recipient of remittances in the region, decreased by 10% year on year (YoY) to $28.3 billion in 2022, compared to a record high of $31.5 billion.

Remittances to the Middle East and North Africa (MENA) region are expected to rebound from a 3.8% decline in 2022 to a 1.7% surge in 2023 and 1.8% increase in 2024. The forecast is based on an expected change in flows to Egypt.

Remittances to the MENA region fell by around 4% to $64 billion in 2022, which was attributed mainly to a drop in flows to Egypt, Algeria, and Jordan.

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