East Africa's Remittances Far More Than Foreign Investment

East African countries received U.S.$17.38 billion from their citizens living abroad between 2013 and 2018, as foreign remittances outpaced foreign direct investment to become the largest source of external financing in low and middle-income countries, according to the World Bank. Kenya topped the region as the biggest beneficiary of remittances, receiving U.S.$10.74 billion, followed by Uganda with U.S.$6.28 billion.

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(file photo).

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