Remittances and Diaspora Resources

Since its inception, KNOMAD has spearheaded research and advocacy on harnessing remittances and other resources for the development of origin countries. More recently, KNOMAD prepared the background brief for the preparatory sessions of the GCM, and many of the recommendations of the paper are included in the GCM objectives 19 (create conditions for migrants and diasporas to fully contribute to sustainable development in all ocuntries) and objective 20 (Promote faster, safer and cheaper transfer of remittances and foster financial inclusion of migrants).

On remittances, this Thematic Working Group will continue its work on:

  • Reducing remittance costs through research analysis and evidence base of the remittance prices, interoperability, opening of markets and new technologies (SDG 10.c.1 reducing remittance costs)
  • Inform country and regional strategies on regulations impacting remittances (taxes, AML/CFT) based on data and research. This will serve as inputs for the proposed country-level migration diagnostics
  • Examine the use of regulatory sandboxes for reducing the cost of remittances for unserved populations (women, youth, refugees and migrants)
  • Convene a dialogue involving financial service providers, governments, international organizations and humanitarian organizations on how law and regulations can be adapted to enable safe and effective development of fintech and remittance channels

The diaspora of developing countries can contribute to development in their countries of origin by increasing trade and investment, providing market information and matching / referral services, improving access to technology, making remittances for health, education and infrastructure projects, supporting philanthropic activities, and providing access to capital markets (such as through diaspora bonds). While some countries have devoted resources to fostering contacts with their diaspora, for many sending countries the diaspora remains a resource that is largely untapped.  Policies that could help enhance benefits from the diaspora include providing dual citizenship and voting rights, working with overseas diaspora organizations to improve contacts with origin communities, easing restrictions on foreigners’ economic activities (including land ownership) for diaspora members, and providing information (and perhaps subsidies) to facilitate return. 

Going forward this thematic working group will:

  • Facilitate the mobilization of remittance and diaspora resources for development efforts including diaspora bonds. A key output could be the production of diaspora profiles of up to 50 countries as a global public good, for use by all stakeholders, especially, for the issuance of diaspora bonds 
  • Undertake feasibility studies for relevant pilot projects, such as remittance-backed bond financing for SME or infrastructure funding
  • Engage local authorities, local communities, the private sector, diasporas, hometown associations and migrant organizations to promote knowledge and skills transfer between their countries of origin and countries of destination, not limiting to mapping the diasporas and their skills, as a means of maintaining and enhancing links between diasporas. This will be done on a demand-basis by national governments
  • Engage the diaspora of conflict-affected countries and facilitate knowledge exchange on activities, support to home country, remittances and investment opportunities
  • Facilitate the engagement of the diaspora to support entrepreneurship (through venture capital funds, start-ups, incubators, and accelerators in both host and home countries)

Chairs and Focal Point

Dilip Ratha
World Bank|Chair
Sonia Plaza
World Bank|Co-chair, Focal Point

Events

September 21
Panel Discussion
Sep 21, 2022 bit.ly/3dthgNW
June 16
October 16
Other
Oct 16, 2017 Washington DC
October 13
Side event
Oct 13, 2017 Washinton DC
July 14
Other
Jul 14, 2017 N/A
May 08
December 01
February 12
October 22
Other
Oct 22, 2015 Washington DC
May 14
Seminar
May 14, 2015 Washington DC
February 05
Seminar
Feb 05, 2014 Washington DC

Publications

MIGRATION AND DEVELOPMENT BRIEF|June 2023
MIGRATION AND DEVELOPMENT BRIEF|November 2022
MIGRATION AND DEVELOPMENT BRIEF|May 2022
MIGRATION AND DEVELOPMENT BRIEF|November 2021
MIGRATION AND DEVELOPMENT BRIEF|May 2021
MIGRATION AND DEVELOPMENT BRIEF|October 2020
MIGRATION AND DEVELOPMENT BRIEF|April 2019
MIGRATION AND DEVELOPMENT BRIEF|December 2018
MIGRATION AND DEVELOPMENT BRIEF|April 2018
MIGRATION AND DEVELOPMENT BRIEF|October 2017
MIGRATION AND REMITTANCES FACTBOOK|October 2011
MIGRATION AND DEVELOPMENT BRIEF|April 2016
MIGRATION AND DEVELOPMENT BRIEF|October 2015
MIGRATION AND DEVELOPMENT BRIEF|April 2015
MIGRATION AND DEVELOPMENT BRIEF|October 2014
MIGRATION AND DEVELOPMENT BRIEF|April 2014
MIGRATION AND DEVELOPMENT BRIEF|October 2013
MIGRATION AND DEVELOPMENT BRIEF|April 2013
MIGRATION AND DEVELOPMENT BRIEF|November 2012
MIGRATION AND DEVELOPMENT BRIEF|April 2012
MIGRATION AND DEVELOPMENT BRIEF|December 2011
MIGRATION AND DEVELOPMENT BRIEF|May 2011
MIGRATION AND DEVELOPMENT BRIEF|March 2011
MIGRATION AND DEVELOPMENT BRIEF|February 2011
MIGRATION AND DEVELOPMENT BRIEF|November 2010
MIGRATION AND DEVELOPMENT BRIEF|April 2010
MIGRATION AND DEVELOPMENT BRIEF|November 2009
MIGRATION AND DEVELOPMENT BRIEF|July 2009
MIGRATION AND DEVELOPMENT BRIEF|March 2009
MIGRATION AND DEVELOPMENT BRIEF|November 2008
MIGRATION AND DEVELOPMENT BRIEF|October 2008
MIGRATION AND DEVELOPMENT BRIEF|August 2008
MIGRATION AND DEVELOPMENT BRIEF|July 2008
MIGRATION AND DEVELOPMENT BRIEF|January 2008
MIGRATION AND DEVELOPMENT BRIEF|November 2007
MIGRATION AND DEVELOPMENT BRIEF|November 2006
MIGRATION AND DEVELOPMENT BRIEF|June 2006
MIGRATION AND DEVELOPMENT BRIEF|April 2017
MIGRATION AND REMITTANCES FACTBOOK|April 2016