Program Description: Program on Remittances and Development

Since the early 1990's the flow of remittances sent home has grown rapidly, as has public attention to the phenomenon. In 2005, global flows of remittances are expected to reach $167 billion. This number may be only one-half to two-thirds of the actual amount, as large sums of money travel through informal channels. Remittances are a survival tool for many families; they help them to access healthcare and education, to accumulate savings, to build and improve homes or to invest in a business.  These are funds that go directly to the people who need them without getting mired in official aid bureaucracies.

The Program on Remittances and Development aims to conduct research, share knowledge and train new leaders in remittances, pro-poor financial services and economic and human development. The Program’s guiding principle is that remittances - with appropriate intermediation - can improve development outcomes at household, community and national levels. Outside of basic cash transactions, few public policies and financial instruments ensure that these flows have their intended impact. By defining and promoting best practices, the Program will craft strategies for governments, the financial sector, aid organizations and civil society in remittance receiving and sending countries to expand options for remittance senders and receivers.