10 03 24 meins amsterdam euromed
DESCRIPTION
Presentation to EuroMed- Sending Money Home to Africa & Global Forum on Remittances 2009- 2010 Call for Proposals- Specific project examplesTRANSCRIPT
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
MOBILIZING REMITTANCES FOR DEVELOPMENT
EUROMED MAR. 24 2010
Robert W. Meins
Remittances SpecialistFinancing Facility for RemittancesInternational Fund for Agricultural Development
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Topics
Financing Facility for Remittances
2009/2010 focus on Africa
2010 call for proposals
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
The challenge:Remittances to rural areas
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
A transfer of $200 is sent from the UK to Kuyunga, Uganda, 50 kilometers from the capital Kampala.
The sender has two options:
1) Send directly to Kuyunga using Western Union.
2) Send to a competing firm in Kampala.
Kayunga
Kampala
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Kayunga
Remitter sends $ 200,-
- Transfer fees $40.00
- Exchange rate margin 1.28 %
- Fees on the receiving side
$0
Actual amount received in Kayunga
$ 157.44 (21.28%)
Picking up remittances in rural areas:
Remitter sends $ 200,-
- Transfer fees $19.03
- Exchange rate margin 1.15 %
- Fees on the receiving side
$0
Actual amount received in Kampala
$ 176.68 (11.66%)
Kampala
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
The Financing Facility for Remittances
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Financing Facility for Remittances $18 million dollar multi-donor fund
Consultative Group for Assistance to the Poor European Commission Government Luxembourg Government Spain Inter-American Development Bank UN Capital Development Fund, and Housed at the International Fund for Agricultural
Development
FFR manages 40 projects in 38 countries around the globe
Open to private, public and civil society organizations
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
What we do… Annual Calls for Proposals Global Forum on Remittances “Sending Money Home” series of studies Together with gov. of France, financed a remittances
initiative managed by the AfDB RemittancesGateway.org portal Dissemination & consultation
G8 Working group on remittances European Parliament Global Forum on Migration & Development Conferences
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
We explore innovative proposals…
from around the world…
driven by public/private and civil society
groups…
covering a broad range of interventions…
but squarely related to the financial side of
migration…
for this reason we have a strong market and
private sector focus…
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Why we do it…
Lower the cost of remittances through competition
Improve capillarity, service rural areas Broaden the scope of financial services Bank the unbanked
… to empower migrant workers and their families to advance on the road to financial independence.
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
ProjectsFONKOZE
Microfinance (Haiti) Solutions to rural challenges helped after
earthquake Universal Postal Union
Postal networks (Senegal) HIRDA (Netherlands-Somalia)
Migrant organization Philippine Women’s Council (Italy –
Philippines) Migrant women’s group focusing on investment
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Global Forum on Remittances &Sending Money Home to Africa
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Payout locations per type of RSP (%)
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
MTO payout locations per company (%)
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Concentration of post offices in rural areas(as a % of locations)
Congo Botswana Cote d'Ivoire
Senegal Tunisia Kenya Gabon Djibouti Comoros Algeria0
20
40
60
80
100
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Global Forum on Remittances
2007: Latin America (w/ IDB) “Sending Money Home” First global estimate of remittances
2009: Africa (w/ AfDB) “Sending Money Home to Africa” Regulatory & market blockages and opportunities
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
GFR 2009: Tunis recommendations Increase competition
Empower market actors
Achieve effective and efficient
regulation
Adopt new technologies
Expand access to financial services
Make more financial services available in
rural areas
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
2010 Call for proposals
Grant financing for projects related to maximizing the development impact of remittances
up to $250,000 for projects
up to $500,000 for mobile financial services
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Topic areas
Mobile financial services
Housing
Postal networks (Micro-) Insurance
Microfinance networks Migrant pensions and other government-to-person payments
Financial services innovations
Securitization
Migrant entrepreneurship and investment (funds)
Open window (innovative projects in other areas)
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Basic information
Who can apply? Private sector Public sector Civil society
Cross-sector partnerships encouraged Execution period: 2 years Deadline (short) concept proposals: June
7th 2010
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Must have Legal status in country where you operate Audited financial statements
Act on behalf of themselves (not as an intermediary)
Provide counterpart 10-30% non-profit 50% for for-profit (minimum half of which in
cash) Project must be in IFAD member count
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
RemittancesGateway.org
Institutionally neutral platform Bringing together a broad range of
information Documents News Discussion Agenda Profiles
All are welcome to contribute
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
QUESTIONS & ANSWERS
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Contact information…
Robert W. [email protected]+39 06 5459 2059
www.ifad.org/remittanceswww.remittancesgateway.org
Financing Facility for RemittancesInternational Fund for Agricultural Development (IFAD)
Countries focusing on diaspora Mexico Philippines Morocco Pakistan