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Working Paper 232 - Remittances and Access to rural credit markets Evidence from Senegal
Migration and remittances play a crucial role in developing countries; for instance, there are around 30 million African who account for 3% of the population in Africa who have migrated internationally-including intra-Africa migration. Remittances represent two-thirds of the size of aid flows to sub-Saharan Africa. In most low-income countries of sub-Saharan Africa they exceed private capital flows such as foreign direct investment (FDI). International migrants' transfers are estimated at $40 billion which represented 2.6% of Africa GDP in 2010. In Senegal, remittances are one of the main resources of the country and are estimated at 9.3 % of GDP making Senegal one of the large remittances recipients in sub-Saharan Africa (Ratha et al., 2011).