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IFAD’s FFR is recognized as a leading actor in migration and development. The increasing prominence of remittances and diaspora investment within national, regional, and international policy reflects both an understanding of their importance, and a growing focus on their potential to achieve broader developmental goals.
The GFRID brings together stakeholders working on remittances and diaspora investment for development to discuss new trends and innovations, promote new policies and build promising partnerships. It promotes the SDGs and the GCM.
The IDFR is a universally-recognized observance adopted by the United Nations General Assembly (A/RES/72/281) and celebrated every year on 16 June.
The FFR contributes to the 2030 Agenda for Sustainable Development, the Financing for Development, recent G20 Summits, the GCM and the UN General Assembly resolution proclaiming the IDFR.
Coordinating policy engagement on remittances and diaspora investment, including payment system development, financial inclusion policy, data, regulatory environment, consumer protection, customer due-diligence, gender and others.
Working in partnership with the private and public sectors, and the civil society. The FFR builds on and capitalizes on the shared goals between stakeholders to achieve joint objectives and sustainable outcomes on remittances and diaspora investment.
Established in 2005, the GFRID is a UN-led informal process aimed at bringing together stakeholders from around the world involved in the field of remittances, migration and development.
The GFRID process culminates in the Summit, hosted biannually in different regions of the world, covering the most pressing issues of the remittance ecosystem with key actors from public and private sectors, and the civil society.
The International Day of Family Remittances (IDFR) is a universally-recognized observance adopted by the United Nations General Assembly (A/RES/72/281) and marked every year on 16 June.
The day recognizes the contribution of over 200 million migrants, who send remittances home to improve the lives of their 800 million family members.
By 2030, it is projected that over US$ 5 trillion will be sent home by migrants to low- and middle-income countries (LMICs), with much of this money going directly to rural areas where 80 per cent of the world’s poor live, face food shortages, and the impacts of climate change.
The Global Compact for Safe, Orderly and Regular Migration (GCM) is the first inter-governmentally negotiated agreement, prepared under the auspices of the United Nations, covering all dimensions of international migration holistically and comprehensively. Its Objectives 19 and 20 are specifically dedicated to actions to support the diaspora and promote remittances and financial inclusion.
The UN Network on Migration is the network established to ensure effective, timely and coordinated system-wide support to Member States in supporting the implementation, follow-up and review of the GCM. IFAD, through the FFR, co-chairs the UN workstream on remittances and diaspora engagement, and provides technical expertise on remittances and diaspora investment contributing to the achievement of GCM objectives 19 and 20.
The NRSNs are active in the majority of the FFR countries of intervention, provide a learning platform for country-specific remittance stakeholders to connect and recommend actions to make remittances accessible, safer, affordable and count more.
The FFR works in close collaboration with private sector entities such as remittance service providers, money transfer operators, aggregators, civil society organizations such as diaspora networks and trusts; and with the public sector, particularly central and state banks, government ministries and departments as well as with postal networks, to maximise the impact of remittances and diaspora investment for sustainable development.
The FFR provides co-financing to banks, mobile network operators, aggregators, micro-finance institutes, remittance service providers among others in support of programme goals. FFR also partners with industry associations, including The International Association of Money Transfer Networks, the GSMA, World Savings and Retail Banking Institute (WSBI) and others to maximize the impact of remittances and diaspora for sustainable development.
The FFR engages with the public sector through direct policy engagement and technical assistance to governments and central banks to improve the operating environment on remittances and diaspora investment. It contributes both directly and indirectly through supporting market intelligence, research, data collection and diagnostics.
The FFR works directly and indirectly with diaspora organisations to support migration for sustainable development and diaspora investment in rural areas.
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