remarks on “sending money home to africa” ifad report
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Remarks on “Sending Money Home to Africa” IFAD Report
Borany PenhOffice of Poverty Reduction
Global Forum on Remittances
Tunis, Tunisia
October 22, 2009
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Continues international highlight on importance of remittances
New data & perspectives about remittances markets and players
Africa focus, disaggregation by regions & gender Identifies issues requiring multi-stakeholder
attention: private sector, governments, donors, MFIs, regional orgs, think tanks, etc.
Reaffirms importance of rural outreach, financial literacy, capacity building, and innovation
Report’s Contributions
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Follow-on Recommendations
contextualize within global recession and its aftermath
present risks as well as opportunities with change
disaggregate data and analysis within countries
more in-depth research on informal remittances systems in Africa: incentives, actors, integration, etc.
discuss linkages to diaspora engagement & development
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Remittances & Poverty Reduction?
• Poverty reduction impact of remittances ambiguous: consumption vs. investment? reduced incentive to produce and innovate?
• More impact from: improving overall business enabling environment for savings
& investment? complementary partnerships between market actors, ex:
banks & MFIs?
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Diaspora & Development
Remittances are just one form of diaspora engagement…
and P2P private transfers.
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USAID’s DNA Framework
• USAID’s diaspora public-private alliance framework
• DNA: migrants’ connection to homelands
• Enables partnerships between USAID and diasporas through knowledge development, engagement, and operational work.
• DNA mechanisms: ADM & Haitian DM
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Diaspora & Development (2)
• Greater development impact from “Diaspora Direct Investment” or “collective remittances”?
• Most USAID diaspora engagement experience in Latin America
• Need better understanding of other diaspora communities & networks (behavior, risk appetite, resources, etc.)
• New pilot research & development programs, ex: African Diaspora Marketplace
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What is ADM?
• A $2m business plan competition open to U.S.-based African diaspora
• Goal: boost economic opportunities and employment in SSA
• A GDA partnership with Western Union, Ecobank, OPIC, & others
• Learning pilot
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Additional Resources
• www.usaid.gov/gda• www.diasporamarketplace.org • www.microlinks.org • www.povertyfrontiers.org