Remittances from Egyptians Abroad Hit Record High Exceeding $38 Billion in 9 Months

Cairo - Nadeh Imam - Ahmed Sabri: The Central Bank of Egypt announced yesterday that remittances from Egyptians working abroad rose by 20.4% during the period from July to September to approximately $13 billion, compared to around $10.8 billion during the same period last year. These three months constitute the first quarter of the new fiscal year 2026-2027, which began in July. As stated by the Central Bank in its statement, the first nine months of the calendar year 2026 witnessed record inflows totaling approximately $38.2 billion, compared to around $30.2 billion during the same period last year.

On another note, the Cabinet approved, during its meeting yesterday chaired by Prime Minister Dr. Mostafa Madbouly, a proposed cooperation protocol between the Ministries of Industry, Agriculture and Land Reclamation, Local Development, and Environment, to implement the “Productive Village” initiative and related regulations concerning the offering and allocation of lands and buildings designated for the initiative.

This approval comes in implementation of President Abdel Fattah El-Sisi’s directives during the “Egypt Forum 2026” events, emphasizing the need to accelerate the implementation of the initiative, which aims to establish industrial clusters in 1,000 villages by 2030, based on each village’s comparative advantage.

The “Productive Village” initiative seeks to transform the Egyptian countryside from consumption-based settlements into sustainable production centers, by establishing small and medium-sized non-polluting industrial facilities on vacant lands and unused state-owned buildings within villages, according to each village’s comparative advantage. This will provide new job opportunities, enhance productive activities in rural areas, and support local economic development.