ArabFinance: The World Bank (WB) expected Egypt to become the top recipient of remittances at a value of $24.4 billion (EGP 382.15 billion) across the MENA region during 2020, according to the Migration and Development October report. This value is projected to account for 6.7% of the gross domestic product (GDP), making the Arab republic the region’s fifth top remittance recipient in terms of GDP share. The cost of sending $200 (EGP 3.13 billion) to the MENA region, meanwhile, grew Year on Year to 7.5% during the third quarter of 2020 from 6.8%. Sending money from the Gulf area to Egypt, as well as to Jordan, “costs around 4% in some corridors,” according to the report. Until October 31st, Egypt has registered a total of 107,555 COVID-19 infections since the pandemic started locally last February.

Source: The North Africa Journal November 01, 2020 08:26 UTC