Wednesday, January 30, 2008

Remittances and development

150 million migrants worldwide sent more than US$300 billion to their families in developing countries during 2006, says the International Fund for Agricultural Development.

IFAD has become a leading knowledge base in the field of immigrants and the amount of remmitances they send home to their home countries. For example, an IFAD report found that the 30 million strong African Diaspora sent home more than $40 billion back to the continent in 2006. This money has become a significant form of development. In some countries, like Gambia and Mali, remittances make up more than 10 percent of the country’s GDP.

The report is called Sending Money Home and can be found here.

IFAD also organized what is called the Remittance Forum, which talks about the issues surrounding remitting money.

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