Remittances from migrants to North Africa and the African franc zone

Share |

Date: 21/02/2012 09:30 14:30
Location: Paris, The Pierre-Mendès-France Conference Center Ministry of the Economy, Finance and Industry 139, rue de Bercy - Paris, 12th arrondissement


The transfer of funds from migrants - Proposals for helping the development of African countries

Global remittances were valued at €245 billion in 2010, of which more than €30 billion was sent to Africa, according to a joint study by the AfDB and the World Bank.

Delegates had positive discussions, prompted by concrete proposals contained in a study entitled: “Reducing the costs of migrants’ remittances and optimising their impact on development: Financial products and tools for North Africa and the franc zone”.

The recommendations of the study, carried out by the credit institution Epargne sans Frontières (Savings without Borders) and co-financed by AfDB and the French Development Agency, centred on cutting the cost of migrant money transfers and boosting their effect on the development of African countries. Read More


Background

Remittances back home to North Africa and the franc zone from African migrants working abroad are worth tens of billions of euros every year. They are resilient to crisis and are a valuable spur to development in Africa. However, the costs of sending this money are far too high.

The French presidency of the G20 resolved at the Cannes summit in 2011 to cut these costs by half by 2014.

To that end, France and the African Development Bank will be presenting an action plan, based on a new study, at a seminar in Paris on 21 February.

In presence of :

  • Henri de Raincourt, minister for cooperation
  • Pierre Lellouche, secretary of state for external trade,
  • Kamal Elkheshen, vice president, African Development Bank

It will be hosted by the African Development Bank’s vice president Kamal Elkheshen, France’s secretary of state for external trade, Pierre Lellouche, and the country’s minister for cooperation, Henri de Raincourt. The seminar will bring together numerous stakeholders: members of Parliament, government officials, the private sector, banking and the African diaspora, from residence and recipient countries covered by the study.

Kindly bring along your press card if any and an ID document, it will be requested at the welcome booth of the ministry for security reasons.