{"id":665114,"date":"2025-05-12T00:00:00","date_gmt":"2025-05-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/12\/remittances-more-than-doubled-y-o-y-to-usd-3-bn-in-february\/"},"modified":"2025-05-12T00:00:00","modified_gmt":"2025-05-12T00:00:00","slug":"remittances-more-than-doubled-y-o-y-to-usd-3-bn-in-february","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/12\/remittances-more-than-doubled-y-o-y-to-usd-3-bn-in-february\/","title":{"rendered":"Remittances more than doubled y-o-y to USD 3 bn in February"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon, wonderful people.<\/strong> We have a light issue for you today. Enjoy it while you can \u2014 last week\u2019s calm saw a torrent of news the following day. Read ahead for details on the upwards remittances trend from Egyptian expats, Nawy\u2019s Series A funding round, and the future (or lack thereof) of leadership.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY TODAY<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Remittances from Egyptians residing abroad continued to rise in February<\/strong>, climbing 130.8% y-o-y to around USD 3 bn \u2014 the highest figure ever recorded during the month \u2014 according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/877.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from the Central Bank of Egypt. Notably, February marks the twelfth consecutive month of y-o-y remittance growth, according to the CBE\u2019s statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The figure was also up m-o-m<\/strong>, rising from the USD 2.9 bn recorded in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa270a92-ff78-408c-a8f4-e33024be0d22\" style=\"\" rel=\"noopener\">Ja<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa270a92-ff78-408c-a8f4-e33024be0d22\" style=\"\" rel=\"noopener\">nuary<\/a>. Remittances are poised to continue their upward trajectory, with Morgan Stanley <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78c8a4d7-ad9d-4a02-8929-44317e982f1d\/morgan-stanley%25e2%2580%2599s-key-takeaways-on-egypt%25e2%2580%2599s-economic-outlook\" style=\"\" rel=\"noopener\">forecasting<\/a> USD 32 bn in inflows by the end of the fiscal year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Local proptech platform Nawy has raised <\/strong><strong>USD 52 mn<\/strong><strong> in a Series A funding round<\/strong> led by Africa-focused VC firm Partech Africa, complemented by an additional USD 23 mn in debt financing from local banks, <a target=\"_blank\" href=\"https:\/\/techcrunch.com\/2025\/05\/11\/egypts-nawy-lands-a-52m-series-a-to-take-on-mena\/\" style=\"\" rel=\"noopener\">TechCrunch<\/a> reports. The funding marks one of the largest Series A rounds for an African startup and follows Nawy\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccc3ac47-20f2-49dd-9332-b6c7aaf2d9f7\/\" style=\"\" rel=\"noopener\">2022 seed round<\/a>, which was led by the Sawiris family.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The backers: <\/strong>The funding round saw participation from a number of global venture capital firms and investment funds, including Nclude, e& Capital, Endeavor Catalyst, HOF Capital, March Capital, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company plans to use the funds to expand into North Africa and the Middle East<\/strong>, targeting Morocco, Saudi Arabia, and the UAE. It also intends to acquire smaller companies while accelerating product development and embedding AI into its processes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US and China have agr<\/strong><strong>eed to temporarily cut tariffs by 115% for the next 90 days <\/strong>following trade talks between the two sides in Geneva, according to a <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefings-statements\/2025\/05\/joint-statement-on-u-s-china-economic-and-trade-meeting-in-geneva\/\" style=\"\" rel=\"noopener\">joint statement<\/a> from the two countries. The US will lower levies on Chinese goods to 30%, down from 145%, while China will reduce duties on US imports to 10%, down from 125%. China will also \u201csuspend or cancel\" non-tariff measures against the US. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Both parties aim to then \u201cestablish a mechanism\u201d to proceed with discussions <\/strong><strong>concerning their economic and trade relations,<\/strong> which may take place alternately in China and the US, or in a third country. \u201cWe want more balanced trade, and I think both sides are committed to achieving that,\u201d US Treasury secretary Scott Bessent said in a debriefing in Geneva. \u201cNeither side wants a decoupling,\u201d he added. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/92887b83-1b99-4d69-ba70-6bc812e23dbe\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-05-12\/us-and-china-agree-to-major-reductions-in-tariffs-for-90-days\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/05\/12\/business\/china-us-tariffs.html\" style=\"\" rel=\"noopener\">The New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/cedy09wq25qt\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2025\/05\/12\/business\/us-china-trade-deal-announcement-intl-hnk\" style=\"\" rel=\"noopener\">CNN<\/a>)<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2600\ufe0f <\/strong><strong>TOMORROW\u2019S WEATHER- <\/strong>Expect warm but cloudy weather tomorrow in the capital, with a high of 35\u00b0C throughout the day and a cooler 21\u00b0C at night, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, wonderful people. We have a light issue for you today. Enjoy it while you can \u2014 last week\u2019s calm saw a torrent of news the following day. Read ahead for details on the upwards remittances trend from Egyptian expats, Nawy\u2019s Series A funding round, and the future (or lack thereof) of leadership. THE [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[633,2396,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-665114","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-remittances","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"4aae405f-ab6a-4358-8703-d03a17061a80","order":"1","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[665112],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.602a1112-22cd-4527-a59d-af07ca7a7475.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Remittances more than doubled y-o-y to USD 3 bn in February - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/05\/12\/remittances-more-than-doubled-y-o-y-to-usd-3-bn-in-february\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances more than doubled y-o-y to USD 3 bn in February\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, wonderful people. We have a light issue for you today. Enjoy it while you can \u2014 last week\u2019s calm saw a torrent of news the following day. Read ahead for details on the upwards remittances trend from Egyptian expats, Nawy\u2019s Series A funding round, and the future (or lack thereof) of leadership. 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The quarterly figure rose despite September being a slow month, with remittances dipping 3% y-o-y to USD 2.6 bn. In August, remittances grew\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570628,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/egypts-foreign-reserves-dip-usd-5-bn-in-march\/","url_meta":{"origin":665114,"position":2},"title":"Egypt\u2019s foreign reserves dip USD 5 bn in March","author":"enterpriseam admin","date":"8 April 2020","format":false,"excerpt":"FX reserves dip in March for the time in 14 months: Foreign reserves dipped USD 5.4 bn in March to USD 40.1 bn from USD 45.5 bn in February, marking the first month in over a year that reserves have declined m-o-m,the Central Bank of Egypt (CBE) said in a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591835,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/18\/remittances-rise-13-6-to-usd-6-7-bn-in-1q2019-2020\/","url_meta":{"origin":665114,"position":3},"title":"Remittances rise 13.6% to USD 6.7 bn in 1Q2019-2020","author":"enterpriseam admin","date":"18 December 2019","format":false,"excerpt":"Remittances rise 13.6% in 1Q2019-2020: Remittances from Egyptians living abroad rose to USD 6.7 bn in 1Q2019-2020, up 13.6% y-o-y from USD 5.9 bn in the same period last year, according to Central Bank of Egypt figures (pdf). Remittances rose 33.2% to USD 2.3 bn in the month of September.","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/egypts-budget-deficit-down-remittances-up\/","url_meta":{"origin":665114,"position":4},"title":"Egypt\u2019s budget deficit down, remittances up","author":"enterpriseam admin","date":"8 December 2020","format":false,"excerpt":"Egypt\u2019s budget deficit shrank to EGP 134.9 bn, equivalent to 2.1% of GDP in 1Q2020-2021 compared to 2.3% during the same period last year, according to a Finance Ministry report (pdf). The report attributes the narrowing deficit to an 18.4% y-o-y uptick in state revenues to EGP 204.7 bn, which\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591475,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/08\/egyptian-expat-remittances-forecast-to-be-among-fifth-highest-in-the-world-in-2019\/","url_meta":{"origin":665114,"position":5},"title":"Egyptian expat remittances forecast to be among fifth-highest in the world in 2019","author":"enterpriseam admin","date":"8 December 2019","format":false,"excerpt":"Egyptian expats are projected to send home the fifth highest value of remittances in the world by the end of year, World Bank data shows. Remittances to the country are expected to hit USD 26.4 bn this year, down slightly from USD 29 bn last year. Globally, remittance inflows to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/665114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=665114"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/665114\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/665112"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=665114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=665114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=665114"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=665114"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=665114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}