The World Bank’s flagship annual remittances report shows that inflows to Mena countries “remained resilient” in 2020 despite Covid-19. Mena remittance inflows rose by 2.3% to $56bn for 2020, some 10.3% of the global total.
Flows to Egypt, the top regional recipient, rose 11% to a record $29.6bn, with remittances growing for five straight years since the country liberalized its currency in 2016 (MEES, 4 November, 2016). Egypt is the global number five destination for remittance flows behind India, China, Mexico and the Philippines, and was by a long way the top Mena recipient, as it was for 2019 (MEES, 22 May 2020). (CONTINUED - 372 WORDS)