remittances+in+Egypt

=**REMITTANCES IN EGYPT**= = =

The term remittance can be defined asa transfer of money from a foreign worker to his home country. With an ever expanding globalization it is becoming easier for workers to emigrate to foreign countries for employment. With these new oppurtunities for employment a new type of income can be made. This new income is called remittance. When a person decides to leave their home country for a chance of employment, and then sends their money back to their home country, I.E. family members, they are helping aid to the practice of remittance. In 2007 Egypt came second in the top ten remittance recieving countries, as voted by MENA (Middle East and North Africa). Currently there are 2,399 families in Egypt with more or one person working as a migrant working over seas who would be returning to then. There were also one hundred and four families who still had a family member working as a migrant worker overseas and would not be returning to them. Most of these people emigrated to: 1. South Africa 2. Libya 3. U.S. 4. West Bank 5. Gaza 6. Italy In 2008, Egypt received 5.9 billion dollars in remittances, with 3.2% of the population working overseas a good percentage of the population is living on the remittances from other countries. While most would think that it would be the well educated who would emigrate for employment, statistics point out that 64% of the people emigrating for work are often facing poverty and unemployment.

Sources http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/MENAEXT/EGYPTEXTN/0,,contentMDK:21860906~menuPK:287182~pagePK:1497618~piPK:217854~theSitePK:256307,00.html www.ifpri.org