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Remittances represent a rising source of finance for the continent and hold immense potential as drivers of economic growth and development. A recent study, Leveraging Migration for Africa: Remittances, Skills, and Investments, conducted by the African Development Bank (AfDB) in collaboration with the World Bank shows that remittance flows into Africa reached US $40 billion in 2010 and have quadrupled since 1990. African remittances currently account for 2.6 per cent of GDP, a figure that in some countries equals or even exceeds both foreign direct investment and aid.

Categories: Cape Verde, Migration and Development Initiative, Human and Social Development, Economic & Financial Governance