The creation of this Fund is an initiative of the Working Group of the International Migrants Remittances Observatory for Least Developed Countries (IMRO, www.oitfm.org), in partnership with several public and private organizations. It’s also a part of the follow up of the recommendations of the Ministerial Conference of LDCs on enhancing the impact of remittances on development, hosted in Cotonou (Benin) in February 2006 by the Government of the Republic of Benin, with support from the International Organization for Migration (IOM), the Office of the United Nations High Representative for Least Developed Countries (UN-OHRLLS), the United Nations Development Programme (UNDP), Norway, Ireland and the World Bank.
According to the World Bank, migrant remittances amount to an annual total of USD 300 billion according to the World Bank. But these remittances are sent to countries of origin for short-term (or emergency) assistance, in order to meet family needs (food, health and education for instance). A minor part of these funds contributes directly to the development of economic activities such as building houses or funding income generating activities. Read more
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