International Forum on Remittances 2007
The International Fund for Agricultural Development (IFAD) and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) are pleased to host the 2007 International Forum on Remittances at the IDB Conference Center in Washington DC, on 18-19 October 2007. Remittances are part of the centuries-old pattern of migration from rural to urban areas. Nowadays, remittances represent the human face of globalization, in which millions of people migrate in search of a better life and in order to provide for their loved ones back home. One person out of every ten in the world is personally affected by the hundreds of billions of US dollars in remittances that are sent every year by migrants to families back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. Over the past 20 years, remittances have influenced the economic and social identities of regions worldwide. A case in point is Latin America, with a flow of remittances totalling US$63 billion in 2006, which, many experts believe, now exceeds the combined total of all Foreign Direct Investment and Overseas Development Assistance to the region. However, this phenomenon is also evident on a global scale, in Africa, Asia, Eastern Europe and the Middle East. To date, very little is known about these global flows, and the true magnitude of remittances remains hidden in the errors and omissions columns of national balance of payments accounts. At a microeconomic level, remittances offer a direct opportunity to improve access to financial services, with a greater pro-poor and rural outreach by linking remittances to products such as savings and loans. Therefore, remittance services are main elements of interventions by IFAD and the MIF, both of which have mandates to improve access to financial services for the rural poor and to strengthen the private sector in developing countries In support of IFAD’s newly created multi-donor Financing Facility for Remittances, IFAD and the MIF will organize the 2007 Forum to follow-up on the 2005 Forum on Remittances that provided more than 600 guests from the private and public sectors and civil society with the opportunity to share experiences and create partnerships that have had a significant impact on the remittance market. The Forum will bring key players together to raise awareness of the challenges and opportunities of remittances and to shed light on the rural dimension of these flows, estimated at 40 per cent of total flows. In addition, the Forum will explore the links between remittances and banking, technology and microfinance, and discuss ways to integrate development agencies’ agendas on remittances. The two-day event will include a series of roundtable discussions and working groups devoted to an in-depth exchange of ideas and business models for urban and rural remittances worldwide. Sessions within the Forum will cover such topics as financial inclusion, migrant investments, gender dimension, technology, innovation and development. Providers of products and services will have the opportunity to share innovations that enhance the impact of remittance flows worldwide. This Forum reflects the ongoing efforts of IFAD, IDB, the European Union, CGAP, UNCDF, and the Governments of Luxembourg and Spain to improve the development impact of remittances and raise awareness of their rural dimension. It builds on the experience gained through recent conferences and initiatives aimed at promoting links between governments, the private sector, NGOs, multilateral institutions, migrant hometown associations, financial institutions and the diplomatic community. Main Sessions Financial inclusion Migrant investments and gender dimension Following this session, a panel on the gender dimension of remittances will be held. Women represent almost half of the estimated 200 million economic migrants in the world, and they are also often the heads of households that receive remittances. Remittances can enhance the economic status of women and change traditional gender roles and ideologies. However, very little research has been conducted on the gender dimension of remittances. The development potential of remittances can be increased by looking at remittances from a gender perspective. Technology and innovation Development and remittances About the organizers International Fund for Agricultural Development (IFAD) Through low-interest loans and grants to governments, IFAD develops and finances programmes and projects that enable poor rural people to overcome poverty. Working with poor rural people, governments, donors, non-governmental organizations and many other partners, IFAD focuses on country-specific solutions, which can involve increasing poor rural people’s access to financial services, opportunities for enterprise, markets, technology, land and other natural resources. IFAD also works with a range of partners in the international development community, including other United Nations agencies. Multilateral Investment Fund (MIF)
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