Egyptian expatriates are more than citizens living abroad—they are an essential pillar of the country’s economy, largely through the remittances they send back home. Remittances serve as a vital source of income for developing nations like Egypt. By the end of 2023, the number of Egyptian expats reached 11.09 million according to the Central Agency for Public Mobilization and Statistics (CAPMAS). Globally, remittance flows have increased by three percent, amounting to USD 860 billion (EGP 41.55 trillion) in 2023, and are expected to grow further by 3.1 percent in 2024, according to the World Bank. In the first seven months of 2022, Egyptian expatriates sent home an impressive USD 18.72 billion (EGP 904.34 billion) in remittances, a figure that surpasses the record-breaking USD 9.4 billion (EGP 454.10 billion) earned by the Suez Canal for the entire 2022/2023 fiscal year. This contribution underscores the essential role expatriates play in sustaining Egypt’s financial stability, as their remittances exceed the annual earnings of one of the country’s most vital economic assets. In May 2023, remittances increased for the third consecutive month, reaching USD 2.34 billion (EGP 113.04 billion), a notable jump from the…
