Migration and Development Initiative

Background

The African Development Bank has assigned a high priority to the promotion of remittance flows as a development tool and a link to the private sector. The overall objective of AfDB’s Initiative on Migration and Development is to maximize the development impact of remittances by increasing their canalization into productive investments and promoting business opportunities and job creation at the grassroots level. AfDB aims to support the development of financial services for migrant workers and create incentives to channel funds into productive uses in the country of origin.

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Remittances reached US $65 billion in 2013, an increase of 5% compared to 2012. Remittances from the diaspora should reach US $67 million in 2014.

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