Migration and Development Initiative - African Development Bank

Donor: 
Any donor
International Finance Institutions
Geographical focus: 
Global
Africa
Thematic focus: 
Tourism in general
Employment, decent work and capacity building in Tourism
Social inclusion and Poverty reduction in Tourism
Intro text: 
The overall objective of AfDB’s Initiative on Migration and Development is to maximize the development impact of remittances by increasing their canalization into productive investments and promoting business opportunities and job creation at the grassroots level.

Official website

http://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/migration-and-development-initiative/

Geographic focus

Africa

Who can apply?

Target Beneficiaries: Migrants, their beneficiaries, and communities in their country of origin.

Objectives and activities

Objective: AfDB aims to support the development of financial services for migrant workers and create incentives to channel funds into productive uses in the country of origin.

Activities:  AfDB has five main operational objectives related to remittances:  

  • Better mobilize remittances as a flow of resources: From the macro level, by promoting savings mobilization and directing funds through official channels, more resources will be available for credit to individuals and private sector entities;
  • Increase the flow of resources to the end beneficiaries while allowing better control on the amounts transferred by the migrants: achieved through reducing transaction costs and by supporting the design, test and introduction of new tools and products;
  • Empower local communities and households: by promoting more effective uses of funds for social consumption (by supporting mutual schemes and public private partnership in the areas of education and health) and supporting the productive use of available resources through the involvement of local entrepreneurs;
  • Contribute to strengthening financial systems in receiving countries, in particular by empowering local agents, such as micro finance institutions, as players;
  • Contribute to combat money-laundering: through the absorption of the informal sector and better offers from the formal bank and non-bank sectors, the remittance-related activities will also contribute to the reduction in the risk of remittances flows being used for money-laundering purposes.

AfDB’s Migration and Development initiative includes a wide series of publications, reports, knowledge dissemination workshops published or undertaken by various departments.

Type and level of funding

2015: Current volume of the fund: € 6.14 million.

Call for proposals. Financial assistance is provided in the form of grants.