Rise in remittances
REMITTANCES sent by Egyptian expats went up 2.1 per cent in the first 11 months of the fiscal year 2021/2022, recording $29.1 billion, the Central Bank of Egypt (CBE) announced on Sunday. Remittances declined in May to $2.4 billion compared to $2.6 billion in May 2021, according to the CBE. Remittances are one of Egypt’s key sources of foreign currency, along with exports, tourism and the Suez Canal. In 2021, remittances from Egyptians working abroad reached $31.5 billion, an increase of nearly $1.9 billion and at a rate of 6.4 per cent compared to $29.6 billion in 2020.
On a global level, a report issued by the World Bank in May projected remittance flow to low-and middle-income countries to grow by 4.2 per cent in 2022, reaching $630 billion following a recovery of 8.6 per cent in 2021.
EGYPT has brought home a citizen who disappeared in Libya for 18 months, the Ministry of Emigration and Expatriate Affairs said in a statement on Saturday. The missing person was working for a Libyan company when he was arrested for unexplained reasons, the statement noted. After conducting negotiations with Libyan authorities, the person was released. The ministry said the individual’s case will be followed up on a regular basis until his safe return to Egypt. The ministry’s efforts came in response to a request by the man’s brother who had reported him missing. The statement urged Egyptian expats to stay safe by avoiding areas of tension, stressing the country’s keenness to help Egyptian nationals abroad and guarantee their safety. The number of Egyptian workers in Libya, estimated at around two million before 2011, has sharply declined to 50,000 due to instability in the country.
Green hydrogen deal
EGYPT signed a memorandum of understanding with an Indian company to build a green hydrogen factory in the Suez Canal Economic Zone, according to a statement by the cabinet. The factory, worth $8 billion, will produce 20,000 tonnes of green hydrogen a year in the first phase. The second phase will see an expansion in production reaching 200,000 tonnes. Minister of Electricity Mohamed Shaker said Egypt is a promising market to become a key global player in the green energy value chain. Shaker previously announced 2022 as “the year of green hydrogen”, viewing it as the fuel of the future. Indian investments in Egypt currently stand at $3.15 billion, according to Indian Ambassador to Egypt Ajit Gupte, who noted that additional investments are expected to be pumped in the coming few years. Indian companies are currently implementing a variety of projects in Egypt.
Jet skis banned
THE RED Sea governorate announced on Monday the banning of jet skis to prevent what it described as disastrous accidents. The decision aims to protect the lives of citizens and tourists visiting the governorate’s cities, Red Sea Governor Amr Hanafi said in a statement. The governor urged the concerned authorities to deal decisively with violators. Hanafi noted that violators face a penalty that includes having their jet skis confiscated. Campaigns will be launched on beaches to inspect water games and review maritime safety.
*A version of this article appears in print in the 4 August, 2022 edition of Al-Ahram Weekly.