Financing Facility for Remittances

The Financing Facility for Remittances (FFR) has been working since 2006
with the goal of increasing the development impact of remittances and
enabling poor rural households to advance on the road to financial
independence.

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Remittances

Remittances, the money migrant workers send home to their families, provide crucial financial support for millions of people in developing countries. For years, migrants worked in the shadows of globalization while their remittances went uncounted by governments and aid agencies. Over the past 10 years, however, the true size of their contribution – well over US$300 billion a year – has come to light.

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Sending Money Home to Africa: Remittance markets, enabling environment and prospects
During the 2009 Global Forum on Remittances, this regional study was officially released. This study summarizes regulatory issues relating to foreign currency transfers, competition in the marketplace and areas in which remittances intersect with financial intermediation.
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Sending Money Home: Worldwide remittance flows to developing and transition countries
Remittances, the portion of migrant workers’ earnings sent home to their families, have been a critical means of financial support for generations. For the most part, these flows have historically been “hidden in plain view”, often uncounted and even ignored. As the scale of migration increases, the corresponding growth in remittances is gaining widespread attention. Today, the impact of remittances is recognized in all developing regions of the world, constituting an important flow of foreign currency to most countries and directly reaching millions of households – approximately 10 per cent of the world’s population.

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Remittances: strategic and operational considerations
Exceeding USD 230 billion in 2005, remittances are a critical flow of funds for low-income people in both the North and South. Accessing and affording these services, however, can be a challenge, especially in remote, rural areas. This annex to the IFAD Decision Tools for Rural Finance introduces migrant remittances in the wider context of development finance, discussing the key principles of effective service delivery and highlighting potential areas for IFAD support. Designed to give IFAD staff a solid grounding in this topic, this paper includes a review of donor activity on remittances and provides numerous references to research on remittances in specific regions.