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.
The high fees to send money home is affecting migrants' contribution to the development of the country, says a World Bank report. Read more »
Remittances have now become one of the most important external sources of finance for Africa, but the money could go further if it wasn't more expensive to send money to Africa ... Read more »
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