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Remarks on “Sending Money Home to Africa” IFAD Report

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  • 1. Remarks on “Sending Money Home to Africa” IFAD Report Borany Penh Office of Poverty Reduction Global Forum on Remittances Tunis, Tunisia October 22, 2009
  • 2.
    • 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
  • 3. 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
  • 4. 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?
  • 5. Diaspora & Development Remittances are just one form of diaspora engagement… and P2P private transfers.
  • 6. 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
  • 7. 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
  • 8. 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
  • 9. Additional Resources
    • www.usaid.gov/gda
    • www.diasporamarketplace.org
    • www.microlinks.org
    • www.povertyfrontiers.org