Morocco ranks third in Africa in terms of community fund transfers

This article was automatically translated from HIBAPRESS, the Arabic version:

This article was automatically translated from HIBAPRESS, the Arabic version:

Heba Press – Rabat

The World Bank predicts that remittances from Moroccans living abroad will reach $12 billion (around 120 billion dirhams) during the current year, which is coming to an end, placing Morocco in 14th place global rank among middle- and low-income countries, and third in the world. African level.

The World Bank explains in its report that total remittances from communities in low- and middle-income countries could reach $685 billion in 2024, a growth of 5.8% compared to 2023, which had recorded growth by only 1.2%. The report indicates that the actual volume of remittances, including those sent through informal channels, could be higher than reported estimates.

At the African level, Egypt ranks first with a volume of remittances amounting to 23 billion dollars, followed by Nigeria with 20 billion dollars, while Morocco comes third with 12 billion dollars. These remittances stand out as one of the important financial sources, superior to other external financial flows such as foreign direct investments, as the report expects the difference between remittances and foreign direct investments to increase. deepens again in 2024.

Over the past decade, diaspora remittances have increased by 57%, while foreign direct investment has fallen by 41%. This growth in remittances is attributed to several factors, including pressures resulting from migration, income disparities between countries and the effects of climate change.