Dilip Ratha, World Bank
Dilip Ratha, World Bank
Harnessing Migrant Resources for Innovative Financing for Development
Harnessing Migrant Resources for Innovative Financing for Development
25 Nov 201412:00 PM – 1:00 PM
Faculty and doctoral students only
ABSTRACT:
There is a deep nexus between migration and development, but some rather explicit
overlap between migration and development finance is yet to receive adequate attention
from the development community. As we seek to mobilize financing for the post-2015
development goals, we should look into harnessing or leveraging migrant resources
in the form of remittances, diaspora savings and philanthropy. (a) The annual volume
of remittance flows to developing countries exceeds $400 billion, and reducing remittance
costs could release upwards of $30 billion per year in savings in the hands of international
migrants. (b) Future-flow securitization of remittances can help developing countries
raise billions of dollars of bond financing. (c) Diaspora savings exceed $500 billion
annually, and a part of it – perhaps as much as $100 billion – could be mobilized
via issuance of diaspora bonds. (d) There are no estimates of diaspora giving, but
remittance channels can be used to mobilize billions of dollars of such charitable
contributions for financing public goods in developing countries. (e) Finally, reducing
the cost of recruitment for low-skilled migrant workers can generate significant savings,
to the tune of $4 billion for every 1 million migrants.
Location:
Baker Library | Bloomberg Center 102
No RSVP Required. Light lunch will be provided.