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Update: Monday, 14 April 2008    

Algeria 2nd Arab country with € 290 million

Money transfer from EU
Monday Oct 30 2006.

Algeria is ranked the second Arab state in terms of Algerian financial transfers made by workers living in the European countries, an EU report mentioned.

These transfers are estimated at 290 million Euros in Algeria which is ranked the second after Morocco.

Foreign nationals living in EU capital transfers to their relatives in their home countries are estimated at 8 billion and 900 million Euros recording an increase of more than 2 billions Euro compared to 2000, to recall, this sum’s third has been transferred to the developing countries.

According to the Investment European Bank’s estimations, the sums transferred by immigrant workers towards their home countries reached 14 billion Euros yearly, most of them are turned towards Arab countries especially to Maghreban countries, furthermore these sums represent from 2 to 20% of the developing countries GDP.

In this very context the survey called to the necessity to take advantage from these sums so as to be allocated for bettering Arab countries economies and undertaking reforms in the financial system of the countries benefiting from these financial transfers in order to upgrade their economic situation and increase trade exchanges between these countries and the EU.

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