Remittances

**__Globally__**
- Remittances reach 10% of the global population. - Remittance acts as an important flow of foreign currency.**
 * - Worldwide there are 150 million migrants sending $300 billion to their relatives in lesser developed areas.

__**Egypt**__

 * - Egypt was named country with the most remittance recipients in Middle East and North Africa (MENA) in 2007**.
 * - Egypt's migrants sent home $5.9 in 2007.**

- Egypt also came sixth on a list of top 10 remittance recipients of Middle Income Countries. Other countries on this list were China, Mexico, Poland
 * __Country__ || __Remittance__ ||
 * Egypt || $5.9 bn ||
 * Morocco || $5.7 bn ||
 * Lebanon || $5.5 bn ||
 * Jordan || $2.9 bn ||
 * Algeria || $2.9 bn ||
 * Tunisia || $1.7 bn ||
 * Yemen || $1.3 bn ||
 * Iran || $1.1 bn ||
 * Syria || $0.8 bn ||
 * West Bank and Gaza || $0.6 bn ||

- The remittance from Egyptians living in the United States accounts for 27% on Egypt's foreign currency.

- 10% of Egypt's labour work overseas

- Remittance is used to purchase land and housing

-Remittance provide foreign currency that helps pay back the countries debt

-Migrants are responsible for 15% of the capital invested in small investments

- Expatriates in Egypt have brought in $ 5 billion in remittance in 2005/2006

-3.2% (2,399,251) of Egypt's population are emigrants whose destinations are- Saudi Arabia, Libya, United States, West Bank and Gaza, Italy, Canada, Oman and Australia.

- In poor households remittance accounts for 14.5% the total predicted per capita income

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**__Cites__**
http://english.peopledaily.com.cn/200610/31/eng20061031_316606.htm http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/MENAEXT/0,,contentMDK:21860906~menuPK:2246554~pagePK:2865106~piPK:2865128~theSitePK:256299,00.html http://www.ifpri.org/pubs/ABSTRACT/ABSTR86.HTM http://www.tnmbonline.com/p/p_remit.jpg