{"id":175795,"date":"2023-06-09T09:44:18","date_gmt":"2023-06-09T13:44:18","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=175795"},"modified":"2023-06-09T09:46:16","modified_gmt":"2023-06-09T13:46:16","slug":"harnessing-remittances-for-global-prosperity-600-billion-flows-to-home-countries-each-year","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/harnessing-remittances-for-global-prosperity-600-billion-flows-to-home-countries-each-year\/","title":{"rendered":"Harnessing Remittances for Global Prosperity: $600 Billion Flows to Home Countries Each Year"},"content":{"rendered":"
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Despite the global economic turmoil triggered by the pandemic and ripple effects of the war in Ukraine, the hard-earned money sent by migrant workers to their families continues to be one of the most reliable sources of income for rural people in low and middle-income countries.<\/p>

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Even in times of crisis, remittance flows have allowed people in developing countries to be resilient and even prosper.<\/p>\n

Last year, the money sent home exceeded US$600 billion annually, half of which went to poor rural areas.<\/p>

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\u201cThis phenomenon remains hidden in plain sight despite its magnitude and relevance to achieving the\u00a0Sustainable Development Goals (SDGs).<\/p>

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We know that the Official Development Assistance (ODA) and foreign direct investment to these countries is a smaller total amount than what migrants send to their loved ones back home,\u201d says Pedro de Vasconcelos, Manager of the Financing Facility for Remittances at the UN\u2019s International Fund for Agricultural Development (IFAD).<\/p>\n

Co-organized by IFAD, the UN Office of the Special Adviser on Africa (OSAA), and the World Bank Group, the Global Forum on Remittances, Investment and Development (GFRID) sets out to change mindsets of stakeholders, to fully recognize and harness the enormous potential of remittances and diaspora investments towards achieving the SDGs.<\/p>

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Global experts will discuss how to make sending money home cheaper, safer and faster, as well as how to build bridges to facilitate diaspora investments in the countries of origin.<\/p>\n

The digital remittance revolution will be a hot topic in lead up to 2030, as digital channels offer a vast array of possibilities to connect remittance flows to rural finance.<\/p>

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This means boosting access to savings, credit and insurance, basic financial products that can be life-changing in poor rural areas.<\/p>

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Launch of the new RemitSCOPE Africa outcome report<\/strong><\/p>\n

The 2023 GFRID Summit will have a special focus on Africa, where\u00a017 of its 54 countries rely on remittances for at least 4\u00a0per\u00a0cent of GDP.<\/p>\n

The new RemitSCOPE Africa\u00a0outcome report will be launched at the Forum (14 June, 11.30-12.00)<\/strong>.<\/p>\n

Compiling\u00a0the most up-to-date and trusted remittance and remittance-related data across 54 countries in Africa, and covering up to 140 different indicators per country, the RemitScope Africa report looks at the drivers, trends, impact and potential of remittances, and provides background information on details such as migration, remittance flows, pricing trends, financial inclusion, access, and the competitive environment.<\/p>\n

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WHAT<\/strong><\/td>\nGlobal Forum on Remittances, Investment and Development Summit\u2013 GFRID SUMMIT<\/strong>
\nFull agenda<\/a><\/td>\n<\/tr>\n
WHEN<\/strong><\/td>\nWednesday, 14 June 2023,\u00a009:00<\/td>\n<\/tr>\n
WHERE<\/strong><\/td>\nUnited Nations Complex (UNON), Gigiri, Nairobi, Kenya<\/td>\n<\/tr>\n
WHO<\/strong><\/td>\nAlvaro Lario, President of IFAD<\/p>\n

Cristina\u00a0Duarte, United Nations Secretary-General Special Adviser for Africa<\/p>\n

Henriette Geiger, EU Ambassador to Kenya<\/p>\n

Ugochi Daniels, Deputy Director General for Operations, IOM<\/p>\n

Dr Patrick Ngugi Njoroge, Governor, Central Bank of Kenya<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Despite the global economic turmoil triggered by the pandemic and ripple effects of the war in Ukraine, the hard-earned money sent by migrant workers to their families continues to be one of the most reliable sources of income for rural people in low and middle-income countries. Even in times of crisis, remittance flows have allowed […]<\/p>\n","protected":false},"author":12,"featured_media":175801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-175795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional"],"yoast_head":"\nHarnessing Remittances for Global Prosperity: $600 Billion Flows to Home Countries Each Year - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/harnessing-remittances-for-global-prosperity-600-billion-flows-to-home-countries-each-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Harnessing Remittances for Global Prosperity: $600 Billion Flows to Home Countries Each Year\" \/>\n<meta property=\"og:description\" content=\"Despite the global economic turmoil triggered by the pandemic and ripple effects of the war in Ukraine, the hard-earned money sent by migrant workers to their families continues to be one of the most reliable sources of income for rural people in low and middle-income countries. 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