Egypt is Top Remittance Recipient in Middle East

Egypt came in the first place on the list of the top 10 remittance recipients in MENA, or Middle East and North Africa, in 2007, according to the World Bank’s Migration and Remittances Factbook 2008.

Recorded remittances sent home by Egyptian migrants reached $5.9 billion in 2007, compared to $5.3 billion in 2006.

Egypt was followed by Morocco ($5.7 billion), Lebanon ($5.5 billion), Jordan ($2.9 billion), Algeria ($2.9 billion), Tunisia ($1.7 billion), Yemen ($1.3 billion), Iran ($1.1 billion), Syria ($0.8 billion), West Bank and Gaza ($0.6 billion).

In MENA, the top 10 emigration countries were Morocco, Egypt, Algeria, Iraq, Iran, West Bank and Gaza, Jordan, Tunisia, Lebanon, and Yemen.

Egypt also came in the sixth place among the top 10 remittance recipients of Middle Income Countries in 2007. The list was topped by China with $25.7 billion, followed by Mexico ($25 billion), the Philippines ($17 billion), Romania ($6.8 billion), Indonesia ($6 billion), Egypt ($5.9 billion), Morocco ($5.7 billion), Lebanon ($5.5 billion), Poland ($5 billion), Serbia and Montenegro ($4.9 billion).

In 2005, the number of Egyptian emigrants reached 2,399,251 or 3.2 percent of population. The top destination countries for Egyptian emigrants were Saudi Arabia, Libya, United States, West Bank and Gaza, Italy, Canada, Oman, Australia. WB’s Migration and Remittances Factbook 2008 provides a snapshot of migration and remittances for all countries, regions and income groups of the world, compiled from available data from various sources.

FAST FACTS ON MIGRATION and REMITTANCES

• Internationally, the top five recipients of migrant remittances in 2007 were India ($27 billion), China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion).

• The United States was also the top immigration country in 2005, with 38.4 million immigrants, followed by the Russian Federation (12.1 million), and Germany (10.1 million). Among low-income countries, India had the highest immigration volume (5.7 million), followed by Pakistan (3.3 million).

• The top immigration countries, relative to population are Qatar (78 percent), the United Arab Emirates (71 percent), Kuwait (62 percent), Singapore (43 percent), Israel (40 percent), and Jordan (39 percent). The average share of immigrants in population is under 10 percent in high-income OECD countries.

• Rich countries are the main source of remittances. The United States is by far the largest, with $42 billion in recorded outward flows in 2006. Saudi Arabia ranks as the second largest, followed by Switzerland and Germany.