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Remittances from Egyptian expatriates rise by 7.8%

Remittances from Egyptian expatriates

London, (Business News Report) – Remittances from Egyptian expatriates have increased by 7.8% in the first ten months of 2021, compared to the same period in 2020.

The Central Bank of Egypt said that the Remittances from Egyptian expatriates amounted to about $26.4 billion.

The remittances recorded an increase of about $1.9 billion.

Remittances from Egyptian expatriates

Remittances from Egyptian expatriates during the period from July to October 2021 increased by 0.7% (on an annual basis) to record about $10.45 billion. This is compared to about $10.37 billion during the same period in 2020.

Preliminary data during October 2021 showed a slight decrease in remittances of 1.7% (on an annual basis) to record about $2.30 billion, compared to about $2.34 billion in October 2020.

Egyptian Finance Minister Mohamed Maait announced, in press statements, that the general budget achieved during the first six months of the current fiscal year (starting in July) an initial surplus of 3.2 billion pounds.

Revenues achieved a growth of 10.3% on an annual basis during the period from July to December 2021, and tax revenues increased by 15.6%, he said.

He pointed out that the value of investments financed by the state’s public treasury rose during the first half of the fiscal year to reach about 82 billion pounds, compared to 73 billion pounds during the same period of the previous fiscal year, representing an annual increase of 12%.

He also explained that it is intended to reduce the budget deficit for the fiscal year as a whole to 6.9%.

Financial loan

In a separate context, Egypt obtained the approval of Gulf banks to finance a $3 billion loan.

Banking sources said that the Gulf banks participating in the financing of the loan are Emirati and Kuwaiti.

Meanwhile, the most prominent banks participating in the syndicated loan are: Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Al Ahli Bank of Kuwait, Arab Banking Corporation, National Bank of Kuwait, and Warba Bank of Kuwait.

Al Arabiya quoted the sources as confirming that the value of the loan would be divided equally between $1.5 billion green loans, and $1.5 billion Islamic financing.

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