Launch of first joint IFAD and World Bank remittance report

When: Monday 20 May 2013, 12.30 hrs

Where: Foreign Correspondents' Club of Thailand, Penthhouse, Maneeya Center 518/5 Ploenchit Road, Patumwan - Bangkok

Who:

• Kevin Cleaver, Associate Vice-President, International Fund for Agricultural Development (IFAD)
• Massimo Cirassino , Manager, Financial Infrastructure and Remittances, the World Bank Group

Asian migrant workers have sent record amounts of cash to their families back home despite the global economy's sluggish growth. Remittance flows to Asia surpass Official Development Assistance by five times and are already vastly improving people's lives, lifting millions out of poverty. But they could be doing so much more. If those receiving remittances are given the right financial tools and education, they could turn them into local investments with the potential to have better development impact even in rural areas. IFAD has worked together with the World Bank to produce 'Sending Money Home to Asia', a report that provides key information on remittances and migration in Asia.

The report analyzes the economics and logistics of remittances in Asia from the ground-up. It highlights regional trends, focuses on policy implications and examines important issues related to rural payment networks, regulatory frameworks and growing innovation in payment instruments such as cards and mobile phones.

The report marks the start of the fourth Global Forum on Remittances in Bangkok. Convened by IFAD and the World Bank, the three days of panels, debates and roundtable discussions bring together policy makers and regulators, remittance service providers, postal and microfinance institutions and civil society leaders. It is the biggest gathering of its kind to take place in Asia and an ideal forum for identifying new opportunities and finding solutions to remittance challenges.

Journalists interested in attending the forum can register directly on the GFR2013 website and/or contact us at GFR2013@ifad.org.

IFAD
The International Fund for Agricultural Development (IFAD) works with poor rural people to enable them to grow and sell more food, increase their incomes and determine the direction of their own lives. Since 1978, IFAD has invested about US$14.9 billion in grants and low-interest loans to developing countries through projects empowering over 410 million people to break out of poverty, thereby helping to create vibrant rural communities. IFAD is an international financial institution and a specialized UN agency based in Rome – the United Nations' food and agriculture hub. It is a unique partnership of 172 members from the Organization of the Petroleum Exporting Countries (OPEC), other developing countries and the Organisation for Economic Co-operation and Development (OECD).

World Bank
The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.