WHAT APPROACH TO CREATE AN ENABLING ENVIRONMENT FOR DIASPORA REMITTANCES?

Written by ADEPT

10 May 2019

On May 2-3 2019, ADEPT and several of its members, took part in the AIR Diaspora Engagement Forum titled ‘Creating an Enabling Environment for Upscaling the Potential Impact of Remittances: A Multi-Stakeholder Approach’. Convened in The Hague, the Netherlands, the third edition of the Forum brought together stakeholders from African Diaspora Organisations, Government officials as well as experts in financial sector development, development partners and private sector organisations.

The Forum was built upon the recommendations arising from the 2nd meeting, including the necessary strategies that can enhance the potential impact of remittances to support social and economic development in Africa. Central to the discussions was the role of different stakeholders in creating an enabling environment with a special focus on binding issues such as the need for institutionalization of Diaspora initiatives, remittances as a gateway to financial inclusion, government incentive programmes and alternative dispute resolution mechanisms.

ADEPT and its members highlighted their commitment to work towards achieving the target 10.7c of the Sustainable Development Goals (SDGs) adopted in September 2015, such that: “By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent”, as stipulated in the Nairobi Action Plan on Remittances – 3% by 2020, produced by ADEPT and its partners following the 5th Diaspora Development Dialogue organised on 26-26 July 2016.

 Full text: Nairobi Action Plan on Remittances – 3% by 2020

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