MONEY SENT HOME BY MIGRANT WORKERS COULD BOOST RURAL ECONOMIES, UN SAYS

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From: UNNews <UNNews@un.org>
Date: 28 Jun 2013 14:00:00 -0400
Subject: MONEY SENT HOME BY MIGRANT WORKERS COULD BOOST RURAL ECONOMIES, UN SAYS
To: news11@ny-mail-p-lb-028.ptc.un.org

MONEY SENT HOME BY MIGRANT WORKERS COULD BOOST RURAL ECONOMIES, UN SAYS
New York, Jun 28 2013 2:00PM
Remittances -- the money sent by migrants to their home countries --
could generate $30 billion annually for investment in rural areas if
initiatives were scaled up, according to the United Nations agency
that works to improve the lives of the world's rural poor.

Remittances "can empower rural people to blaze a trail out of poverty
and exclusion," said Kanayo F. Nwanze, President of the UN
International Fund for Agricultural Development (IFAD) today at an
event at its headquarters in Rome.

"The value of remittances is staggering, but the rural poor need
greater impact." Mr. Nwanze said, underscoring: "We need more
strategic ways to invest the $200 billion sent home to the rural areas
every year,"

More than 215 million people across the globe live outside of the
countries they call home. Most remittance families operate outside of
the world's financial system, dependent on costly cash transfers that
often require significant travel for rural recipients.

Despite the global prevalence of electronic money transfers, most
migrant workers are excluded from convenient, modern banking and are
forced to initiate more than one billion separate remittance
transactions worldwide each year.

Reducing transaction costs is a key priority as well as affirming the
significant role that diaspora play in rural development, particularly
agriculture, the IFAD chief added.

Organized jointly by IFAD and the World Bank, the event has more than
350 participants including representatives from the Group of Eight
(G8) largest world economies, as well as central bankers and
microfinance institutions, money transfer operators and postal
networks.

Today's event is the first since the Fourth Global Forum on
Remittances 2013 in Bangkok, Thailand, last month.



Jun 28 2013 2:00PM
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