Financing Facility for Remittances
In 2016, around 200 million migrants worldwide sent home an estimated US$ 445 billion to their families in developing countries. These remittances provide for basic necessities such as food, clothing and shelter that are essential to lifting millions of people out of poverty. The truly transformative potential of these funds, however, lies in their investment in education, healthcare and asset building. To meet these needs, the us$36 million multi-donor Financing Facility for Remittances (FFR) has been working since 2006 with the goal of increasing the development impact of remittances and enabling poor households to advance on the road to financial independence and rural transformation. The FFR is administered by IFAD, a specialized agency of the united nations with the mandate to invest in rural people to eradicate poverty in developing countries.