At the economic summit in Heiligendamm, the heads of state and government of the leading industrialised nations agreed that Germany, the current president of the G8, should organise a high-level meeting on remittances as early as this autumn.
In response, the Federal Ministry of Finance will therefore be hosting a conference on this topic in Berlin from 28 to 30 November 2007. Remittances are money transfers made by migrants living in one country to their relatives abroad. For developing nations in particular, these remittances today represent the most substantial source of income. According to the World Bank, annual global remittance flows to the developing world alone approach some $US310 billion.
This is three times the amount of worldwide development aid (which stood at US$104 billion in 2006) and almost as high as direct investment in these countries as well. [Read more]
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