In 2021, migrants sent to their families back home over $605 billion - more than 3 times global ODA - contributing to the development of their countries of origin.
To maximize their impact, IFAD and the EU partnered to reduce costs, facilitate access, and promote digital and financial inclusion.
- the EU's international role | international cooperation
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The conference aims at disseminating the main results and lessons learned from the EU-IFAD joint global programme "Maximizing the Impact of Remittances in Rural Areas (MIGRRA)" and its current scaling up initiative in Africa "Platform for Remittances, Investment and Migrants' entrepreneurship in Africa (PRIME Africa)".
In 2021, migrants’ remittance flows to low- and middle-income countries (LMICs) reached US$605 billion, more than three times global ODA and far above Direct Foreign Investment (DFI). In the offset of the economic crisis caused by COVID-19, over 200 million migrants defied predictions of the pandemic and continued to send money home to their over 800 million family members in countries of origin, demonstrating once more an incredible resilience, commitment and care for their loved ones.
Remittances and investments have great potential for the development of local and national economies, particularly in LMICs, providing access to digital and financial inclusion and paving the way towards financial independence. At the same time, new technologies have proven effective in increasing the use of regulated digital channels, but more needs to be done to increase their access and use, especially in rural areas where they count the most. The role of the private sector is paramount towards this global effort, to unlock opportunities for millions of people and to provide them with more options. Nevertheless, coherent public policies and priorities need to be put in place to support civil society and private sector initiatives.
Since 2007, through a long-term partnership, IFAD and the EU are maximizing the impact of remittances to development, facilitating access to formal remittances, promoting digital and financial inclusion, but also improving data collection and analysis and supporting governments and regulators in promoting greater enabling environments.
Anna Ropers Bergeot, Team leader, DG INTPA G6, Migration and Forced displacement
Pedro De Vasconcelos, Lead Technical Specialist and Manager of the Financing Facility for Remittances (FFR), International Fund for Agricultural Development (IFAD)
Mauro Martini, Senior Technical Specialist, Migration and Remittances, FFR, IFAD
Iacopo Viciani, International Aid / Cooperation Officer, DG INTPA G6, Migration and Forced displacement
Language conference: English
Language of Q&A session: English and French