World Bank Bemoans Cost of Remittance to Africa

The World Bank says remittances to low-and middle-income countries in 2023 might have reached an estimated $669 billion. In its latest Migration and Development Brief released this week, the Bank says remittances to Sub-Saharan Africa grew by a modest 1.9 percent. Egypt was the top recipient Africa country with $24 billion. However, the Bank expresses concern that remittance costs remain high. Dilip Ratha, a World Bank lead economist and author of the Bank’s latest Migration and Development Brief, tells VOA’s James Butty, that in recent years, remittance flows to developing countries have surpassed the sum of foreign direct investment and official development assistance.