DEVEX article on remittances

DEVEX article on remittances

How can we improve the development impact of remittances?

BERLIN — Remittances are already a lifeline for many people in developing countries — but with reforms to the system, leaders across Europe and Africa believe they could become a key driver of global development.

In 2016, foreign workers sent $429 billion in remittances to developing countries through formal channels, according to the World Bank. That is more than three times higher than official development assistance allocated in the same year — and the true figure is higher still. Since most transfers are done through informal channels, officials say it is difficult to estimate the actual total.

Read the full DEVEX article, with contributions from the ACP-EU Migration Action here