Migration and Development Fund donates € 1.4 to six remittances projects across the African

Migration and Development Fund donates € 1.4  to six remittances projects across the African
Published: 05 January 2012 (1304 Views)
The Migration and Development Fund's oversight committee recently approved a series of grants amounting to € 1.4 million to six remittances funded local development projects across the African continent.

Six initiatives in Northern and Western Africa including Algeria, Benin, Côte d'Ivoire, Morocco, Togo and Tunisia were funded. Four of these projects are located in the Maghreb and support private investments and implement capacity building supported by the Diaspora. The objective is to develop local entrepreneurship and micro, small and medium enterprises in underprivileged and rural areas to foster access to employment for youth and women. The project in Côte d'Ivoire aims to develop corporate social responsibility. The purpose of the project covering both Benin and Togo is to develop new financial products and e-banking to foster access to financial services in isolated areas.

The cost reduction of migrant remittances and the mobilization of these resources to complement other sources of development finance worldwide have been a subject of increased interest.  The G20 included this topic in its agenda in the objective of "facilitating international remittance flows and enhancing their efficiency to increase their contribution to growth with resilience and poverty reduction". The Migration and Development Fund and AfDB are part of this worldwide remittances cost reduction and mobilization effort, focusing their attention on the African continent where transfer costs currently remain the highest in the world.

The Fund supports reforms of the regulatory framework that governs money transfer conditions and the upgrade of operators engaged in the transfer of funds. It also aims to foster the development of new financial products, support productive investment and local development in migrants' countries of origin.

Institutions and individuals supported by the Fund will contribute to the development of innovative financial products, generate wealth and create jobs in Africa. Moreover, members of the African diaspora will build on the social, technological and economic capital to the benefits of their countries and communities of origin.

The Fund, which was established in 2009, is funded by the French Ministry of Interior, Overseas, Local Authorities and Immigration and by the International Fund for Agricultural Development (IFAD).

Managed by the African Development Bank (AfDB), the Fund aims to improve knowledge of remittances flows, reduce the costs of transfers while optimizing the use of the resources transferred and to promote and support local initiatives from the Diasporas in favor of development in the migrants' home countries.

- www.afdb.org

Tags: Migration, AfDB, Africa,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Man loses 'Toyota Raum' to robbers

by Simbarashe Sithole | 21 September 2018 | 166 Views

International media stampede to interview Mnangagwa

by Staff Reporter | 21 September 2018 | 211 Views

Brutalising vendors must stop

by Jacob Mafume, MDC National Spokesperson | 21 September 2018 | 162 Views

I doubt if Dabengwa really endorsed Mnangagwa - Mthwakazi activist

by Stephen Jakes | 21 September 2018 | 179 Views

Marc Cayeux gives everyone hope after top ten finish in Cape Town

by Agencies | 21 September 2018 | 105 Views

President Mnangagwa debuts at UNGA

by Bevan Musoko | 21 September 2018 | 156 Views

BREAKING: Harare - Johannesburg Intercape bus in accident, 10 people dead

by Staff reporter | 21 September 2018 | 317 Views

Stop unnecessary traveling to cholera affected areas - MIHR

by Stephen Jakes | 21 September 2018 | 121 Views

We need Mthwakazi restoration soon

by Stephen Jakes | 21 September 2018 | 116 Views

Rural development agenda should be on the priority list

by Stephen Jakes | 21 September 2018 | 116 Views

IMF offers to help Zimbabwe clear arrears

by Staff reporter | 21 September 2018 | 232 Views

Mugabe's party rejoins Mnangagwa's Zanu-PF

by Staff reporter | 21 September 2018 | 237 Views

Streak seeks ZC liquidation

by Staff reporter | 21 September 2018 | 140 Views

'Chamisa must not waste time fighting Mnangagwa'

by Staff reporter | 21 September 2018 | 245 Views

Chipanga appeal thrown out

by Staff reporter | 21 September 2018 | 176 Views

New minister cracks the whip

by Staff reporter | 21 September 2018 | 173 Views

Deal decisively with Parly delinquents

by Zvamaida Murwira | 21 September 2018 | 142 Views

Mthuli Ncube faces tough choices

by Lovemore Chikova | 21 September 2018 | 164 Views

Currency reform answer to Zimbabwe's economic woes

by Bongani Ngwenya | 21 September 2018 | 150 Views

Dabengwa ditches Chamisa, endorses Mnangagwa?

by Staff reporter | 21 September 2018 | 156 Views

Sibusiso Moyo alive & well

by Staff reporter | 21 September 2018 | 140 Views

'Mugabe University not a priority'

by Staff reporter | 21 September 2018 | 133 Views

Chamisa battles open rebellion

by Staff reporter | 21 September 2018 | 161 Views

Prophet up for pregnant woman rape

by Staff reporter | 21 September 2018 | 101 Views

Bulawayo pins hopes on devolution

by Staff reporter | 21 September 2018 | 91 Views

Nust shut down

by Staff reporter | 21 September 2018 | 145 Views

Zimbabweans want US or Zim dollar only, not SA Rand

by Staff reporter | 21 September 2018 | 145 Views

Chamisa's MDC Alliance starts merging into single party

by Staff reporter | 21 September 2018 | 94 Views

Vic Falls man hangs self after bar brawl

by Staff reporter | 21 September 2018 | 82 Views

Cholera hits Beitbridge

by Staff reporter | 21 September 2018 | 81 Views

Cop up for assault

by Staff reporter | 21 September 2018 | 52 Views

Gumbura hires Madhuku to challenge delayed trial

by Staff reporter | 21 September 2018 | 66 Views

Devolution will develop provinces with natural resources

by Staff reporter | 21 September 2018 | 55 Views

Family evicted, dumped in the bush

by Staff reporter | 21 September 2018 | 48 Views

Soul Brothers coming to Bulawayo

by Staff reporter | 21 September 2018 | 105 Views

Zimbabwean scientist wins Cambridge scholarship

by Staff reporter | 21 September 2018 | 54 Views

MDC Alliance activist jailed over arson threats

by Staff reporter | 21 September 2018 | 41 Views