The World Bank’s latest brief shows that East African countries received $17.38 billion from their citizens living abroad between 2013 and 2018.
According to the bank, Kenya topped the region as the biggest beneficiary of remittances, receiving $10.74 billion, followed by Uganda ($6.28 billion), South Sudan ($2.85 billion), Tanzania ($2.39 billion), Rwanda ($1.13 billion) and Burundi ($257 million).
The foreign remittances outpaced foreign direct investment (FDI) to become the largest source of external financing in low and middle-income countries
Its latest Migration and Development Brief shows that the volume of remittances into the five East African countries increased by more than 60 per cent to $4.66 billion in 2018, from $2.84 billion in 2013.
An analysis of the World Bank data for 2018 by the Washington-based Pew Research Centre shows that most of the inflows into Tanzania were from the United States, Kenya, Uganda, Burundi, South Africa,…
Source: News Agency of Nigeria
