This document discusses maximizing the developmental impact of remittances through private sector services. It defines key terms like remittances and diaspora investments. It highlights the challenges in Sub-Saharan Africa of low formal remittance inflows and limited diaspora private sector investments. Actions are proposed at the origin country, host country, and multilateral institution levels, as well as engaging diaspora communities and the private sector. The DiasporaLink Initiative is presented as an example that provides remittance and investment services while partnering with diaspora groups, financial institutions, and multilateral organizations.
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Maximising the developmental impact of remittances – Private Sector Services
1. Maximising the developmental impact of remittances – Private Sector Services Vincent E. OKELE, President, African Axis (Belgium ) Global Forum on Remittances Tunis, 22 – 23 October 2009
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4. Financial Development Economic development & Growth Investments Rationale: Diaspora inflow and development Economic Gowth & Development Poverty Reduction Remittances Entrepreneur- ship Diaspora Investments
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8. Diaspora inflow into the region: The Challenge Increase % of R channelled to Savings & income generating activities Increase Volume of Diaspora Investment (Community & Private) Increase Volume of R through formal channels Diaspora Inflow 1 2 3
10. Action required at the Origin and Host Country levels as well as the level of Multilateral Institutions and the Diaspora community Diaspora inflow to the region: Addressing the Challenge
18. Action required at the Origin and Host Country levels as well as the level of Multilateral Institutions and the Diaspora community + Private Sector Private Sector Services: Addressing the Challenge Private Sector (RSPs, MTOs, MNOs Banks, NB financial Institutions)