Saturday, 23 October 2010

AFRICA: Remittances to Africa edging up, lagging other regions

NAIROBI – Remittances to Sub-Saharan Africa will rise modestly this year despite a sluggish world economy, but its share of such monies trails those of other developing regions, a World Bank official has said.

Funds sent home to the region by citizens living abroad “exceed US$21 billion and are forecast to grow by almost two per cent in 2010 despite a weak global economy”, said a World Bank study launched jointly with Kenya’s central bank.

Remittance flows represent a significant share of gross domestic product (GDP) for many African countries, but “in global terms it is not as high as other regions”, Benjamin Musuku, head of the World Bank’s Future of African Remittances programme, told Reuters after a news conference.
He noted that remittances to Mexico alone were roughly the same as those received by the whole of Sub-Saharan Africa. Read more

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