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Dilip ratha

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Dilip ratha

  1. 1. Leveraging Migration, Remittances and Diaspora for Financing Sustainable Development Dilip Ratha GFRD Milan June 18, 2015
  2. 2. Remittances $440 Billion Remittances $135 Billion Aid
  3. 3. Exorbitant remittances costs 8% 12% 95% Global average Africa Venezuela 20% Within Africa
  4. 4. • Size, corridors, channels • Counter-cyclicality • Effects on poverty, education, health, investment • Policy (costs, competition, exchange controls) 1. Monitoring, analysis, projection • Payment platforms/instruments • Clearing/settlement, capital adequacy, disclosure, cross-border arbitration • Anti-money laundering (AML/CFT) 2. Retail payment system • Deposit and saving products • Mortgage, consumer loans, microfinance • Credit history for MFI clients • Insurance products 3. Financial access for households, SMEs • Sovereign credit rating • Bonds backed by future remittances as collateral • Diaspora bonds 4. Capital market access for countries, companies Global Remittances Agenda
  5. 5. • Reducing remittance costs ($30 bn) • Diaspora savings via diaspora bonds ($50 bn) • Reducing recruitment fees paid by low- skilled migrant workers ($20 bn) • Diaspora philanthropy ($10 bn) • Using future-flows as collateral ($4-$25 bn for Africa alone) $100 billion idea
  6. 6. Thank you. www.worldbank.org/migration www.knomad.org

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