Remittances that most migrants send back to their homes have a great impact on development of countries where they come from. According to World Bank estimates, remittances this year will top USD 435 billion, which is a 5 per cent increase over 2013. But many #migrants pay a very high cost and they lose a lot in remittance fees to money transfer companies. This is why IOM has partnered with the Universal Postal Union (UPU) in a ground-breaking initiative to make #remittances more cost-effective worldwide. This initiative will begin with USD 4 million pilot project in Burundi which was announced this week. The IOM-UPU initiative will work with #Burundi Post to use the postal network’s unique capabilities to stimulate development. “The diaspora sends home an estimated USD 48 million in remittances every year, of which more than 10 per cent is lost to remittance fees. We want to reduce this loss for Burundi and for all countries.” - said IOM Director General William Lacy Swing at the launch of the initiative this week in Geneva. Read more iom.int/cms/en/sites/iom/home/news-and-views/press-briefing-notes/pbn-2014b/pbn-listing/iom-partners-for-remittance-refo.html
Posted on: Fri, 17 Oct 2014 10:40:12 +0000