IFAD President: Remittances, Diaspora Investments Vital for … – Mirage News

“Making the most of remittances and diaspora investments can, paradoxically, curb the need for more to migrate. These flows are great contributors to the wellbeing of millions. Almost US$1.8 billion in remittances are flowing daily to low and middle-income countries, leveraging development opportunities. Half of that amount, US$900 million, is boosting agriculture and rural development” said Álvaro Lario, the President the UN’s International Fund for Agricultural Development (IFAD) at the opening session of the Global Forum on Remittances, Investment and Development (GFRID) in Nairobi today.One billion people worldwide are either sending or receiving remittances. In 2022, 200 million migrant workers sent US$647 billion to over 800 million family members in low and middle-income countries. This is done with small transactions of US$200 on average, 10 to 12 times a year. In these countries, the combined value of Official Development Assistance (ODA) and foreign direct investment is substantially less than the funds sent by migrants to their loved ones.Even in times of crisis, the hard-earned money sent home remains a reliable source of income for millions of individuals and families across the world. Remittances allow families to fight poverty, put food on the table, pay medical and education expenses and improve their housing, water and sanitation.While migrants mostly send money to cover basic needs, it is estimated that recipients manage to either save or invest 25 per cent of the money they receive. One-quarter of these savings (US$25 billion annually) goes into agriculture-related investments. This amount is four times greater than the global ODA allocated to agriculture in developing countries.“We need to change our perception and recognize migrant workers and diaspora investors as essential development contributors, especially when it comes to climate adaptation,” said Álvaro Lario.The President of IFAD advocates for working with the private sector to seize business opportunities, and fully supports the need to harness the potential of these financial flows to achieve the Sustainable Development Goals (SDGs).Organized jointly by IFAD, the UN Office of the Special Adviser on Africa, and the World Bank Group, the GFRID forum aims to foster a change in mindset among various stakeholders, including public and private partners as well as civil society. The goal is to fully acknowledge and leverage the potential of remittances and diaspora investments as critical sources of socio-economic development in low and middle-income countries. World experts will present their conclusions to the UN General Assembly meeting around the SDG Agenda in September this year.Special focus on AfricaAfrica is of particular interest at the 2023 GFRID, as 17 out of its 54 countries rely on remittances for at least 4 per cent of their GDP. Several countries, including The Gambia, Somalia, Comoros, Lesotho, Cape Verde, and Guinea-Bissau, exceed the 10 per cent threshold. These findings were outlined in the newly released RemitSCOPE Africa outcome report, which presents the most up-to-date and reliable data on remittances and their impact across all 54 African countries. The report sheds light on the over US$100 billion that annually flow into Africa from its migrant workforce of over 40 million individuals worldwide.According to RemitSCOPE, the cost of sending remittances to Africa has been significantly reduced. However, with an average price of 8.85 per cent transfer fee to send $200 last year, the continent remains the most expensive region in the world to send money to. Africa remains far from the 3 per cent target set in the SDGs to be achieved by 2030. Sending money within Africa is even more expensive at 11 per cent transfer fee on average.Financial inclusion has significantly increased in Africa, rising from 20 per cent in 2011 to 51 per cent in 2021, driven largely by the growing ownership of mobile money accounts, says the report. South Sudan (6 per cent), Egypt (27.4 per cent) and Sierra Leone (29.1 per cent) present the lowest levels of financial inclusion.The President of IFAD reaffirmed the Fund’s commitment to make the remittances flow faster, and safer while reducing transfer fees. IFAD continues its work to connect incoming funds to a wide range of opportunities in rural finance, benefiting both rural residents and private sector enterprises. This means boosting access to savings, credit and insurance, basic financial products that can nevertheless be life-changing in poor rural areas.Since 2006, IFAD has co-funded over 70 projects in more than 50 countries focused on providing opportunities for remittance-receivers and their communities. IFAD has built a network of some 230 partners on the ground from the public sector, private sector and civil society, benefitting at least two million people. /Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.

One billion people worldwide are either sending or receiving remittances. In 2022, 200 million migrant workers sent US$647 billion to over 800 million family members in low and middle-income countries. This is done with small transactions of US$200 on average, 10 to 12 times a year. In these countries, the combined value of Official Development Assistance (ODA) and foreign direct investment is substantially less than the funds sent by migrants to their loved ones.

Even in times of crisis, the hard-earned money sent home remains a reliable source of income for millions of individuals and families across the world. Remittances allow families to fight poverty, put food on the table, pay medical and education expenses and improve their housing, water and sanitation.

While migrants mostly send money to cover basic needs, it is estimated that recipients manage to either save or invest 25 per cent of the money they receive. One-quarter of these savings (US$25 billion annually) goes into agriculture-related investments. This amount is four times greater than the global ODA allocated to agriculture in developing countries.

“We need to change our perception and recognize migrant workers and diaspora investors as essential development contributors, especially when it comes to climate adaptation,” said Álvaro Lario.

The President of IFAD advocates for working with the private sector to seize business opportunities, and fully supports the need to harness the potential of these financial flows to achieve the Sustainable Development Goals (SDGs).

Organized jointly by IFAD, the UN Office of the Special Adviser on Africa, and the World Bank Group, the GFRID forum aims to foster a change in mindset among various stakeholders, including public and private partners as well as civil society. The goal is to fully acknowledge and leverage the potential of remittances and diaspora investments as critical sources of socio-economic development in low and middle-income countries. World experts will present their conclusions to the UN General Assembly meeting around the SDG Agenda in September this year.

Special focus on Africa

Africa is of particular interest at the 2023 GFRID, as 17 out of its 54 countries rely on remittances for at least 4 per cent of their GDP. Several countries, including The Gambia, Somalia, Comoros, Lesotho, Cape Verde, and Guinea-Bissau, exceed the 10 per cent threshold. These findings were outlined in the newly released RemitSCOPE Africa outcome report, which presents the most up-to-date and reliable data on remittances and their impact across all 54 African countries. The report sheds light on the over US$100 billion that annually flow into Africa from its migrant workforce of over 40 million individuals worldwide.

According to RemitSCOPE, the cost of sending remittances to Africa has been significantly reduced. However, with an average price of 8.85 per cent transfer fee to send $200 last year, the continent remains the most expensive region in the world to send money to. Africa remains far from the 3 per cent target set in the SDGs to be achieved by 2030. Sending money within Africa is even more expensive at 11 per cent transfer fee on average.

Financial inclusion has significantly increased in Africa, rising from 20 per cent in 2011 to 51 per cent in 2021, driven largely by the growing ownership of mobile money accounts, says the report. South Sudan (6 per cent), Egypt (27.4 per cent) and Sierra Leone (29.1 per cent) present the lowest levels of financial inclusion.

The President of IFAD reaffirmed the Fund’s commitment to make the remittances flow faster, and safer while reducing transfer fees. IFAD continues its work to connect incoming funds to a wide range of opportunities in rural finance, benefiting both rural residents and private sector enterprises. This means boosting access to savings, credit and insurance, basic financial products that can nevertheless be life-changing in poor rural areas.

Since 2006, IFAD has co-funded over 70 projects in more than 50 countries focused on providing opportunities for remittance-receivers and their communities. IFAD has built a network of some 230 partners on the ground from the public sector, private sector and civil society, benefitting at least two million people.

/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.

Agriculture

Zim takes investment opportunities to Türkiye indaba – The Herald

Africa Moyo Deputy News Editor
Zimbabwe’s investment opportunities will take centre-stage during the 4th Türkiye-Africa Business Forum where Foreign Affairs and International Trade Minister Ambassador Frederick Shava is expected to lead the country’s delegation.
The economic business forum is set for Thursday and Friday next week at the Istanbul Congress Center in Istanbul.
In an interview yesterday, Zimbabwe’s Ambassador to Türkiye, Alfred Mutiwazuka, confirmed Harare’s participation.
He said Zimbabwe’s delegation will comprise officials from ZimTrade, the Confederation of Zimbabwe Industries (CZI), Government institutions and private sector companies.
“In line with Zimbabwe`s engagement and re-engagement drive, Minister Shava will have a meeting with Professor Dr Omer Bolat, Minister of Trade of the Republic of Türkiye to discuss among other issues: the Trade and Economic Cooperation Agreement signed in 2018 and ratified by Türkiye in February 2022 and implementation of the Agreement to Establish the Türkiye-Zimbabwe Business Council signed in 2016 by the CZI and Türkiye’s Foreign Economic Relations Board,” said Ambassador Mutiwazuka.
“The Minister will engage players in the agriculture, manufacturing, mining, transport and infrastructure sectors with a view to inviting them to invest in Zimbabwe.”
Ambassador Shava is also expected to participate in a panel on “Türkiye and Opportunities under the AfCFTA”, a topic that the Turkish authorities have shown great interest in, as they advance Türkiye-Africa cooperation.
Some members of the Zimbabwe delegation will participate in other panel meetings on digital transformation, health technologies, sustainability of value chains in the agro-industries and manufacturing sectors, women entrepreneurship, free zones, the AfCFTA, financing of trade and investments and banking during the two-day conference.
Ambassador Mutiwazuka said the Türkiye-Africa Economic Business Forum offers mutual benefits to both Africa and Türkiye, through increased economic cooperation.
“The Forum demonstrates the emerging role of African countries as dynamic players in the global business arena. African countries and Zimbabwe, in particular, benefit from the increasing economic development of Türkiye economic cooperation hinged on the ‘win-win’ principle,” he said.
Africa benefits from this forum in various ways including facilitating increased trade and investment between Africa and Türkiye by promoting economic relations and encouraging Turkish businesses to invest on the continent.
Increased investments are expected to lead to job creation, infrastructure development, and increased revenue for African nations.
African countries are also expected to benefit from infrastructure development since Türkiye has expertise in infrastructure projects such as construction, transportation, and energy.
Through the forum, Africa can benefit from Turkish investments and technologies, which address crucial infrastructure gaps in many African countries.
Türkiye also has experience in the manufacturing and industrial sectors, which can be shared with African nations to enhance their own industrialisation efforts.
President Mnangagwa has reiterated that Zimbabwe is on an unrestrained path to industrialisation and modernisation, and the country is expected to benefit from its participation in the business forum.
It is expected that collaboration with Türkiye in the manufacturing and industrial sectors can help Africa develop local industries, reduce import dependency, and create employment opportunities.
With many countries experiencing food shortages, it is expected that through participation in the business forum, African countries will benefit Türkiye’s advanced agricultural technologies — machinery and implements — and knowledge that help to improve productivity, increase food security, and enhance agricultural value chains.
This knowledge transfer can contribute to sustainable agricultural development in Africa.
The Türkiye -Africa Economic Business Forum also promotes tourism and cultural exchanges and investment in the tourism industry, thereby creating employment opportunities, and fostering cultural understanding.
African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert Muchanga has said this year’s Türkiye-Africa Economic and Business Forum convenes against the background of global challenges of climate change and its adverse impact of heat waves, flooding and drought, inflation, geopolitical tensions, food and energy insecurity as well as the lingering Covid-19 pandemic is some parts of the world.
But he said while this is a period of multiple challenges, it is also a period of opportunity and hope, and the “key lever is cooperation because it is a vital instrument in meeting the world’s complex challenges which no country or region can solve on its own”.
“The Türkiye-Africa Economic and Business Forum is a strategic lever in this regard,” said Ambassador Muchanga.

Africa Moyo Deputy News Editor

Zimbabwe’s investment opportunities will take centre-stage during the 4th Türkiye-Africa Business Forum where Foreign Affairs and International Trade Minister Ambassador Frederick Shava is expected to lead the country’s delegation.

The economic business forum is set for Thursday and Friday next week at the Istanbul Congress Center in Istanbul.

In an interview yesterday, Zimbabwe’s Ambassador to Türkiye, Alfred Mutiwazuka, confirmed Harare’s participation.

He said Zimbabwe’s delegation will comprise officials from ZimTrade, the Confederation of Zimbabwe Industries (CZI), Government institutions and private sector companies.

“In line with Zimbabwe`s engagement and re-engagement drive, Minister Shava will have a meeting with Professor Dr Omer Bolat, Minister of Trade of the Republic of Türkiye to discuss among other issues: the Trade and Economic Cooperation Agreement signed in 2018 and ratified by Türkiye in February 2022 and implementation of the Agreement to Establish the Türkiye-Zimbabwe Business Council signed in 2016 by the CZI and Türkiye’s Foreign Economic Relations Board,” said Ambassador Mutiwazuka.

“The Minister will engage players in the agriculture, manufacturing, mining, transport and infrastructure sectors with a view to inviting them to invest in Zimbabwe.”

Ambassador Shava is also expected to participate in a panel on “Türkiye and Opportunities under the AfCFTA”, a topic that the Turkish authorities have shown great interest in, as they advance Türkiye-Africa cooperation.

Some members of the Zimbabwe delegation will participate in other panel meetings on digital transformation, health technologies, sustainability of value chains in the agro-industries and manufacturing sectors, women entrepreneurship, free zones, the AfCFTA, financing of trade and investments and banking during the two-day conference.

Ambassador Mutiwazuka said the Türkiye-Africa Economic Business Forum offers mutual benefits to both Africa and Türkiye, through increased economic cooperation.

“The Forum demonstrates the emerging role of African countries as dynamic players in the global business arena. African countries and Zimbabwe, in particular, benefit from the increasing economic development of Türkiye economic cooperation hinged on the ‘win-win’ principle,” he said.

Africa benefits from this forum in various ways including facilitating increased trade and investment between Africa and Türkiye by promoting economic relations and encouraging Turkish businesses to invest on the continent.

Increased investments are expected to lead to job creation, infrastructure development, and increased revenue for African nations.

African countries are also expected to benefit from infrastructure development since Türkiye has expertise in infrastructure projects such as construction, transportation, and energy.

Through the forum, Africa can benefit from Turkish investments and technologies, which address crucial infrastructure gaps in many African countries.

Türkiye also has experience in the manufacturing and industrial sectors, which can be shared with African nations to enhance their own industrialisation efforts.

President Mnangagwa has reiterated that Zimbabwe is on an unrestrained path to industrialisation and modernisation, and the country is expected to benefit from its participation in the business forum.

It is expected that collaboration with Türkiye in the manufacturing and industrial sectors can help Africa develop local industries, reduce import dependency, and create employment opportunities.

With many countries experiencing food shortages, it is expected that through participation in the business forum, African countries will benefit Türkiye’s advanced agricultural technologies — machinery and implements — and knowledge that help to improve productivity, increase food security, and enhance agricultural value chains.

This knowledge transfer can contribute to sustainable agricultural development in Africa.

The Türkiye -Africa Economic Business Forum also promotes tourism and cultural exchanges and investment in the tourism industry, thereby creating employment opportunities, and fostering cultural understanding.

African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert Muchanga has said this year’s Türkiye-Africa Economic and Business Forum convenes against the background of global challenges of climate change and its adverse impact of heat waves, flooding and drought, inflation, geopolitical tensions, food and energy insecurity as well as the lingering Covid-19 pandemic is some parts of the world.

But he said while this is a period of multiple challenges, it is also a period of opportunity and hope, and the “key lever is cooperation because it is a vital instrument in meeting the world’s complex challenges which no country or region can solve on its own”.

“The Türkiye-Africa Economic and Business Forum is a strategic lever in this regard,” said Ambassador Muchanga.

Agriculture

Zim takes investment opportunities to Türkiye indaba – The Herald