Financing Facility for Remittances
The Financing Facility for Remittances
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Maximizing the impact of remittances on development
Remittances and development
Remittances are a crucial contribution to the well-being of migrants’ families and communities back home. They help lift millions of migrant families out of poverty, and allow them to improve their access to health, education and housing.
In 2022, over 200 million migrant workers sent US$647 billion to 800 million family members in low- and middle-income countries. This is more than three times the annual flow of official development assistance and exceeds foreign direct investment.
Maximizing the impact of remittances
Since 2006, IFAD's multi-donor Financing Facility for Remittances (FFR) maximizes the impact of remittances on development and promotes migrants' investment in their countries of origin.
With almost 70 projects in over 50 countries, the FFR promotes innovative investments and transfer modalities, supports financially inclusive mechanisms, enhances competition, provides financial education and inclusion, and encourages migrant investment and entrepreneurship.
Research and partnerships
The FFR conducts dedicated research on global and regional remittances flows. Its Sending Money Home reports provide an overview of trends and opportunities in different remittance markets, and analyse costs, regulations and main actors in the ecosystem.
The FFR is highly involved in global and regional processes on remittances and development, including the Global Forum on Migration and Development, the G20 Global Partnership for Financial Inclusion and the Global Remittances Working Group.
Events
The IFAD-led Global Forum on Remittances, Investment and Development (GFRID) Summits bring together stakeholders across sectors to create partnerships and synergies. It is one of the actionable tools to implement the Global Compact on Migration (objective 20).
The FFR coordinated efforts towards formal adoption of the International Day of Family Remittances (16 June) by the United Nations General Assembly. The day raises awareness of the fundamental contribution of migrant workers not only to their families and communities back home, but also to wider sustainable development in their countries of origin.
Initiatives
Since 2019, the FFR has been implementing the Platform for Remittances, Investments and Migrants' Entrepreneurship in Africa (PRIME Africa), co-financed by the European Union. It maximizes the impact of remittances for millions of families in seven countries in Africa.
In parallel, the FFR is implementing the Diaspora Investment in Sustainable Rural Youth Entrepreneurship in Mali which supports investments from the Malian diaspora to their home country.
Stay updated
Get weekly updates on remittance markets by subscribing to our newsletter. For more information, contact [email protected].
The FFR is co-financed by the European Union, the Grand-Duchy of Luxembourg, Spain’s Ministry of Foreign Affairs, the Swedish International Development Cooperation Agency and the German Agency for International Cooperation for the GFRID Summits.
Contacts
Aggregatore Risorse
Leonard Makuvaza
Remittances and Inclusive Digital Finance Officer (South Africa, The Gambia)
Frédéric Ponsot
Senior Technical Specialist on Remittances, Diaspora and Inclusive Finance
Leleng Tchangai
Remittance and Inclusive Digital Finance Specialist (Morocco, Senegal)
Spotlight
Aggregatore Risorse
GFRID Summit 2023: Outcomes Report
This report contains a series of key findings and actionable outcomes for both remittances and diaspora-impact investments. The report has been shared with the President of the UN General Assembly and all UN member states with the aim of informing and supporting discussions at the seventy-eighth session of the United Nations General Assembly, particularly the 2023 SDG Summit and the 2023 High-level Dialogue on Financing for Development.
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