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Expatriate Medical Insurance News: Egyptian remittances 'will exceed $7.6bn'

Expatriate medical insurance policyholders from Egypt are expected to send back $7.68 billion in remittances this year, the World Bank has projected.

This is despite international financial problems that have affected employment opportunities around the world.

According to news source Al-Masry Al-Youm, remittances from Egyptian overseas health insurance customers stood at $7.15 billion last year and at $8.69 billion in 2008, while the Central Bank of Egypt calculates expatriate remittance totals for the 2009-10 financial year exceeded $9.75 billion.

The World Bank research asserts that around three per cent of the world's population live outside their countries of birth and the money they send home in remittances are three times the size of official development assistance or aid.

Such remittances "provide an important lifeline for millions of poor households", the bank states.

"The overall economic gains from international migration for sending countries, receiving countries and the migrants themselves are substantial."

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