Sunday, 28 March 2010

E. Africa can attract $2 bln remittances in 2010: UN

By Kezio-Musoke David

KIGALI (Reuters) - East Africa could attract more than $2 billion in remittances in 2010 and should direct this money to investment rather than consumption, the United Nations' Economic Commission for Africa (UNECA) said.

"If regional peace and stability was assured in the East African region then remittances would surpass the $2 billion mark over the year," Antonio Pedro, director of the UNECA sub-regional office, said late on Tuesday.

The World Bank estimates that remittances to the five countries in East Africa fell last year to $2.1 billion, from $2.3 billion in 2008, as they were hit by the global economic downturn. Read more

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