Le Lézard
Classified in: Business
Subjects: FOR, POL, FVT

On International Day of Family Remittances, a reminder that 1 in 9 people globally are supported by funds sent home by migrant workers

ROME and NEW YORK, June 14, 2019 /PRNewswire/ -- Remittances from international migrant workers are expected to rise to over US$550 billion in 2019, Gilbert F. Houngbo, President of the International Fund for Agricultural Development (IFAD), stated today.


In a message released on the occasion of the United Nations' International Day of Family Remittances (IDFR), observed each 16 June, Houngbo noted that the money sent home by the world's 200 million migrant workers adds up to more than three times the level of official development assistance (ODA) and surpasses foreign direct investment (FDI). An impressive figure given that it corresponds to only 15 per cent of migrant workers' earnings, with 85 per cent remaining in host countries.

If current trends continue, it is projected that $8.5 trillion will be transferred in developing countries between 2015 and 2030. By then, it is estimated that over $2 trillion will have been saved or invested.

"Governments, regulators and the private sector have an important role to play in leveraging the effects of these flows and, in so doing, helping nearly one billion people to reach their own sustainable development goals by 2030," Houngbo added.

The crucial contribution of migrant workers has also been recognized in the Global Compact for Safe, Orderly and Regular Migration. Global efforts have also been underway to bring transfer costs closer to the 3 per cent target identified in SDG 10.

Linking these flows with financial services and, in the process, bringing millions of people into the financial sector, remains one of the greatest development opportunities that remittances offers.

"Over the past decade, IFAD has financed more than 60 projects aimed at leveraging the development impact of remittances in rural areas," said Paul Winters, IFAD Associate Vice-President, speaking at an event held today at UN Headquarters in New York recognizing the international day and its #FamilyRemittances2030 campaign.

"Providing better access to and use of remittances through rural financial institutions has had a positive impact in rural areas by bringing many unbanked recipients into the formal financial sector," he added.

"It is in these areas where remittances can help to make migration a choice rather than a necessity for many young people and future generations."

Contacts: Jessica Thomas, IFAD Communications ? j.thomas@ifad.org, +39-0654592215

About IFAD

SOURCE International Fund for Agricultural Development

These press releases may also interest you

at 16:00
The Walt Disney Company and Target Corporation today announced a creative retail collaboration to help bring the magic of Disney to the joy of shopping at Target. The collaboration encompasses experiential retail and merchandising ? including the...

at 15:00
Keene Family of Companies announces an addition to its portfolio. Barrett Company has been acquired and will join Keene Family of Companies: Keene Building Products, Dependable, LLC, Continental Products, Ltd and Keene Village Plastics. Barrett was...

at 14:59
CUPRA and FC Barcelona enters into an innovative partnership for the next five seasons Under the agreement, CUPRA becomes Barça's Official Automotive and Mobility Partner Both organisations will co-develop mobility projects and foster innovation at...

at 14:00
While most reverse mortgage lenders have felt the squeeze since changes to regulations were implemented almost two years ago, the commitment by VIP Mortgage to offer retirement strategies for the baby boomer population has helped its Reverse Mortgage...

at 13:00
The member companies of the Utica National Insurance Group will now offer cognitive baseline and post-injury concussion testing to its public and private school policyholders through the world's leading concussion management software company, ImPACT...

at 13:00
Mark Schneider, CEO of Vizion Health, LLC ("Vizion") announced today that the company has assumed co-management with Focus Treatment Centers ("Focus") in Chattanooga,Tennessee. Vizion is a privately-owned healthcare company located in Charlotte, NC...

News published on 14 june 2019 at 19:30 and distributed by: