Remittances to sub-Saharan Africa could reach $33 billion by 2014

Oct 13, 2014

Remittances to Sub-Saharan Africa are expected to reach $33 billion (€26 billion) in 2014, according to a new report from the World Bank (WB). This represents an increase of 3.2 per cent from 2013.

Remittances to Sub-Saharan Africa are expected to reach $33 billion (€26 billion) in 2014, according to a new report from the World Bank (WB). This represents an increase of 3.2 per cent from 2013.

In 2015, these are expected to reach $34 billion, according to World Bank estimates.

Overall, transfers towards developing countries should amount to $435 billion in 2014, up five per cent from last year.

In the Middle East and North Africa region, remittances are expected to experience a moderate growth of 2.9 per cent this year - to $51 billion - and increase by four per cent in 2015 to $53 billion.

According to World Bank, the region's slower growth in 2014 is due to "the continuing economic crisis and high unemployment in Europe".

In Africa, the biggest beneficiaries are Nigeria ($21 billion), Egypt ($18 billion), Morocco ($6.8 billion), Tunisia ($2.4 billion), Algeria ($2.1 billion), Senegal ($1.7 billion) , Kenya ($1.5 billion) , South Africa and Uganda ($1 billion) , Mali ($800 million).

The World Bank notes that the significant increase in remittances comes in a context of increasing forced migration due to conflicts that have affected 51 million people, a level not seen since World War II.ADNFCR-2976-ID-801753853-ADNFCR