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Crowdfunding is one of the most promising resource-pooling practices of the past few years: $2.7 billion were raised by more than 1 million campaigns in 2012, twice as much expected for 2013. To reach its investee core target – “the missing middle – Investisseurs & Partenaires trusted this innovative financial tool. Find out more.
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Remittances are monies sent by people living and working overseas back to their country of origin – usually sent back to their families. To what extent are remittance inflows an important / significant contributor to economic growth and development in lower and middle income developing countries?
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Its also time to look beyond the ODA towards sustainable and innovative ways of financing with reliance on domestic resources and enhancing the tax base including efficient administration. Investor enabled environment is pivotal and the focus towards achieving the dream of 'VASUDHAIVA KUTUMBAKAM" meaning 'the world is one family'.
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Remittances - Economic Growth and Developmenttutor2u
Remittances are monies sent by people living and working overseas back to their country of origin – usually sent back to their families. To what extent are remittance inflows an important / significant contributor to economic growth and development in lower and middle income developing countries?
The remittance market is growing every year and has become an important source of income for many country's GDP. In this short presentation you will find out who benefiting the most from this inflow of money.
Trade, migration, and human development in Central AsiaUNDP Eurasia
Central Asia’s current trade mix limits output and employment growth, and has detrimental environmental consequences. Promoting the right kind of trade and economic integration can lead to higher levels of employment and human development. View this presentation to learn what Central Asia can do to make the most of its integration opportunities.
Harnessing all resources to acheive SDG'sDr Chetan C P
This discussion has attempted to highlight the financing development in a world with increasingly scarce concessional resources and in -an environment where access to long-term financing for development has become more difficult.
Its also time to look beyond the ODA towards sustainable and innovative ways of financing with reliance on domestic resources and enhancing the tax base including efficient administration. Investor enabled environment is pivotal and the focus towards achieving the dream of 'VASUDHAIVA KUTUMBAKAM" meaning 'the world is one family'.
KRI Brown Bag Seminar #1 - Islamic Finance: New Tools for Innovation with Soc...KhazanahResearchInstitute
KRI Brown Bag Seminar #1 which was held on the 15 February 2017 hosted guest speaker, Professor Saadiah Mohamad, who discussed the developments in social finance and provided a case for structuring Shariah-compliant products with social impact.
Her presentation acknowledged the claim among critics that there is an inherent weakness in the present-day Islamic banking and finance industry in terms of its underdeveloped social sector. She thus explored a framework for a socially responsible investment sukuk and social impact bonds (SIB) in the social finance space, and came up with recommendations for structuring a Shariah-compliant SIB or social sukuk.
Professor Saadiah’s arguments are based on her latest journal publication “A Case for an Islamic Social Impact Bond”, under the ACRN Oxford Journal of Finance and Risk Perspectives.
70% is the Percentage of people in Sub-Saharan Africa and South Asia who live on less than $2 a day… compared to only 14% in MENA.
Delivered by Michael Mithika, Course Director School of African Microfinance - SAM
http://www.samtraining.org
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1. JUNE 18, 2015
Milan, Italy
GLOBAL FORUM on REMITTANCES & DEVELOPMENT
1
Somalia:
Leveraging Remittances for Post-Conflict
Development
“Where Remittances Matter Most:
Rebuilding Post-Conflict Societies”
2. Changes in the Economic Environment:
• Increased security, decline of piracy & Al-
Shabaab insurgency
• Diaspora returnees bringing human &
financial capital
• Resilient entrepreneurial culture
SOMALIA OVERVIEW
2
Challenges to Economic Growth:
• Credit Gap (for businesses and individuals)
• Highest cost of electricity 9
• Weak institutions and governance
• Unskilled workforce – technical and education
$1.30
$0.80
$0.0
$0.5
$1.0
$1.5
$2.0
Remittances Humanitarian
Assistance
FundsinBillions
Annual Funding Received (2012)
1 Hanging by a Thread, 2015
2 Global Humanitarian Assistance, Development Initiatives
3 Keeping the Lifeline Open: Remittances and Markets in Somalia, 2013
4 UN Financial Tracking Service, 2012
3 4
• Remittances account for 45% of Somalia’s GDP1
• In 2012, Somalia was the fourth largest
recipient of humanitarian assistance globally2
9 Powering Progress: The Potential of Renewable Energy in Somalia, 2015
Country Stats:
Population: 12 million (2014)6
Youth Population: 75% under 30 6
Adult literacy: 24% (2013)8
GDP (PPP): $5.9 billion (2010)5
GDP per Capita: $491 (est.)
General Unemployment: 54%7
Youth Unemployment: 67% 7
5 CIA Somalia Factbook
6 Population Estimation Survey, UNFPA, 2014
7 Somalia Human Development Report, UNDP, 2012
8 AfDB Country Brief, 2013
3. EST. - POPULATION & LOCATION of SOMALI DIASPORA
284k
227k
12k
275k
205k
• North
America
• Europe
• Gulf Region
• Australia
• New Zealand
• Africa
Est. 1 million diaspora remit $1.3 billion annually
4. (2012, UNDP report)
SOMALI DIASPORA & REMITTANCE HABITS
4
• Average households receives $1,7001
Annually
• >40% of Somalis survive on remittances2
• Remits = 60% of household annual income1
• 51% of recipients are women1
• Primary source of start up capital for Micro
and Small business6
Household
• 66% of remits go to
essential household
expense (i.e. healthcare,
education, and food4)
Business Investment
• ~80% of startup seed capital sent by
diaspora investors6
• Micro Business profit margin in
Mogadishu: Bakara, Suuq bacaad, &
Hamarweyne market= $101–$300/mo7
• 80% of diaspora remit funds
• Average annual remit: $1,200-$4,000
• 73% of remits flow through one of the 20
formal money transfer operators
• Average cost of sending money to Somalia is
5%, below the global average (9%)
• ~68% of remits go to family members3
Development Projects
• In 2008, Chalmers and
Hassan estimated ~10% of all
remitted funds5 go to
organizations and
development projects
Remitters1: Recipients:
How Remittances are Spent in Somalia:
1 Keeping the Lifeline Open: Remittances and Markets in Somalia, 2013
2 Remittance Transfers to Somalia, Rift Valley Institute, 2013
3 UK Somali Remittances Survey, DFID, 2008
4. Cash and Compassion, UNDP, 2011 5. Chalmers and Hassan, 2008
6. Hanging by a Thread, 2015
7. IBS Microfinance Survey, Mogadishu, 04/2015
5. SHURAAKO SUPPORTS SMEs GROWTH & DEVELOPMENT
Shuraako Portfolio Management
In the last two years, Shuraako has facilitated over $2 million in investments across Somalia
with a Portfolio at Risk (over 30 days) of only 6.9%
• Historically Shuraako has brokered the
following investments…
Asset-based lending
Debt/murabahah vehicles
30% owner’s contribution
2.5x collateral coverage
Investments range from $5k-$125k
Investment Structure
Investments Placed: 40
Jobs Created: 768
Sectors Invested in: 8
Total Funds Invested in Somalia: $2.05m
• Promotes diaspora investment in
agricultural and rural businesses
• Total project funds are $2.27m, of which
Shuraako is the Fund Manager
• Seed Capital Matching Investment Fund
40% Seed capital match
40% Diaspora investment
20% Owners contribution
Somali AgriFood Fund
* Data as current as of June 2015
• Conducting a diaspora investor survey,
which will identify investment preferences
of Somali diaspora
• Hosted the Somali Investment Forum,
which brought 340 private sector players for
a 2.5 day Forum; and connected diaspora
investors to local businesses
Encouraging Diaspora Investment
Portfolio at Risk > 30 days: 6.9%
Editor's Notes
GDP per Capita (2012, UNDP report, and CIA Factbook)
External investment = $1.45m (includes 2 pending murabahah agreements and SYEF contribution of $150k
Owner’s equity = $600k
Use of funds for development projects: Chalmers and Hassan, 2008 – about 10% of remittances from North America and UK
External investment = $1.45m (includes 2 pending murabahah agreements and SYEF contribution of $150k
Owner’s equity = $600k