report and conclusions - world banksiteresources.worldbank.org/inttopconf3/resources/... · web...

IN COLLABORATION WITH

THE INTERNATIONAL MIGRATION POLICY PROGRAMME (IMP)

INTERNATIONAL CONFERENCE ON MIGRANT REMITTANCES

DEVELOPMENT IMPACT OPPORTUNITIES FOR THE FINANCIAL SECTOR

AND FUTURE PROSPECTS

REPORT AND CONCLUSIONS

OCTOBER 9 AND 10 2003London United Kingdom

TABLE OF CONTENTS

EXECUTIVE SUMMARY3

I INTRODUCTION4

II CONTENT AND STRUCTURE4

1 Trends and Determinants5

2 Maximizing Development Benefits of Migrant Remittances Country Experiences7

3 Measuring Development Impact of Remittances8

4 Remittance Infrastructure Financial Services and Products9

5 Remittance Infrastructure Regulatory and Supervisory Policies10

6 Policy Implications11

III CONCLUSIONS12

IV WORKING GROUP SESSIONS13

V REMITTANCE INITIATIVES CO-ORDINATION MEETING18

VI ANNEXES20

A AGENDA20

B LIST OF PARTICIPANTS23

C PREPARED OPENING amp CLOSING STATEMENTS361 Opening Statement Mr Gareth Thomas Parliamentary Under-Secretary of State36

2 Opening Statement by Cesare Calari Vice President Financial Sector World Bank39

3 Closing Statement by Dr Mamphela Ramphele Managing Director World Bank43

4 Closing Statement by David Stanton Chief Enterprise Development Adviser DFID47

INTERNATIONAL CONFERENCE ON MIGRANT REMITTANCES ndash LONDON UNITED KINGDOM OCTOBER 9-10 2003

EXECUTIVE SUMMARY

On 9-10 October 2003 in London UK DFID The World Bank and the International Migration Policy Programme (IMP) hosted a two-day conference The International Conference on Migrant Remittances Development Impact Opportunities for the Financial Sector and Future Prospects that brought together over 100 participants from 42 countries The purpose of the conference was threefold 1) to bring together concerned stakeholders to share experiences on remittances 2) to identify best practices based on regional country and agency initiatives and 3) to identify and establish collaborative strategies between interested stakeholders to strengthen the developmental impact of remittances

Global remittance flows are estimated at US$88 billion for 2002 and continue to grow at a rapid pace in tandem with increasing migration Remittances are projected to exceed US$90 billion in 2003 based on trends in the first half of this year Whilst FDI portfolio investments and other capital flows to developing countries rise and fall cyclically remittances show remarkable stability over time and even increase in response to economic crises

The conference noted the emerging empirical evidence of a strong correlation between remittances and poverty reduction Many governments have recognized this and have encouraged remittance flows through pro-active legislative and regulatory policies The way remittances are invested by households however varies considerably according to culture the local climate for investment and gender Various stakeholder initiatives and incentive schemes were discussed

A pre-requisite for making the best use of remittances is to establish sound macro-economic policies political stability and improvements in the investment climate in receiving countries It was also suggested that improving migrantsrsquo access to the formal financial sector constitutes a priority because the formalization of transfers is central to enhancing their long-term development impact New remittances services products and outreach strategies involving private sector and other stakeholders were discussed in this context

Delegates also recognized the important role of informal remittance systems While these systems generally offer less expensive and very efficient services they also pose legitimate regulatory concerns The need to strike a balance between appropriate levels of regulation minimizing financial abuse on the one hand and promoting cost efficient and accessible services on the other was stressed Various regulatory approaches and competing stakeholder interests were highlighted as was the centrality migrantsrsquo voice in this process

Delegates agreed that improving the quality of data on remittances flows and migration patterns is a priority for improving our understanding of remittance impacts and elaborating more effective policy action Certain regions are particularly affected by an absence of data Approaches to migration and remittances data development collection and dissemination were discussed

On 11 October a group of 15 donors and other concerned agencies followed up the conference with a half-day meeting to discuss next steps The World Bank agreed to consider establishing a Task Force together with DFID and IMP for co-ordination of future activities based on three Core Themes 1) development of core principles to guide future remittance work 2) assessment of the feasibility and demand for a dedicated web site to serve as a knowledge management tool for all activities planned and 3) co-ordination of international efforts to improve quality of data collection and reporting on migration and remittances

3


I INTRODUCTION

The Department for International Development (DFID) and the World Bank in collaboration with the International Migration Policy Programme (IMP) organized an International Conference on Migrant Remittances Development Impact Opportunities for the Financial Sector and Future Prospects on 9-10 October 2003 in London United Kingdom The conference was opened by Gareth Thomas Parliamentary Under-Secretary of State for International Development and Cesare Calari Vice President Financial Sector World Bank Closing Statements were made by Dr Mamphela Ramphele Managing Director World Bank and David Stanton Chief Enterprise Development Advisor DFID

It was the first global meeting of its type on this topic and attracted over 100 participants from 42 countries They included representatives of central banks private banks regional development banks and non-bank financial institutions government policy makers multilateral and bilateral donors United Nations and other international agencies non-governmental organizations academics and consultants1

II CONTENT AND STRUCTURE

The purpose of the conference was firstly to bring together donors government officials banks NGOs and other agencies to share experiences and achieve a better understanding of the key issues and challenges relating to remittances secondly to identify best practice from regional and country initiatives that have lead to improvements in the regulatory and institutional framework for remittances improved financial infrastructure and technology and cost efficiency of banks and facilitated access for recipients to other complementary financial services and thirdly to establish collaborative strategies between agencies and interested stakeholders to enhance transparency and accountability and to strengthen the effectiveness and developmental impact of remittances

Reflecting these goals the conference proceedings were structured around six key plenary session themes

1 World Bank Department for International Development (DFID) International Migration Policy Programme (IMP) African Development Bank (AfDB) Asian Development Bank (ADB) European Bank for Reconstruction and Development (EBRD) CGAP International Monetary Fund (IMF) United States Agency for International Development (USAID) Inter-American Development Bank (IADB) World Council of Credit Unions (WOCCU) World Savings Bank Institute (WSBI) Bannock Consulting CitiGroup Dahabshiil Transfer Services La Caixa Finmark Trust ICCREA Holding Lloyds TSB State Mortgage amp Investment Bank (SMIB) Mastercard International United Nations Development Programme (UNDP) International Labour Organization (ILO) International Organization for Migration (IOM) European Commission (EC) International Center for Migration and Policy Development (ICMPD) International Fund for Agricultural Development (IFAD) World Health Organization (WHO) Economic Resource Center for Overseas Filipinos (ERCOF) Ford Foundation Asian Migrant Center Consumers International Accion International Fundacion Para La Productividad en el Campo Inter-American Dialogue Institute of Islamic Banking and Insurance (IIBI) Migrants Rights International (MRI) Unlad-Kabayan Migrants Services Foundation NOVIB Oxfam Netherlands OECD Opportunity International Government representation Albania Canada China Bangladesh Ecuador France India Lesotho Nigeria Pakistan Jamaica The Netherlands Philippines Sweden Uganda United Kingdom United States of America Zambia Academia University of Manchester Georgetown University University of Sussex Nepal Institute of Development Studies University of the West of England Northeastern University University of the West Indies Harvard University Kings College Massachussets Institute of Technology (MIT)

4


1) Trends and Determinants 2) Maximising Development Impacts of Migrant Remittances Country Experiences3) Measuring Development Impact of Remittances4) Remittance Infrastructures Financial Services and Products5) Remittance Infrastructure Regulatory and Supervisory Policies 6) Policy Implications

Presentations and panel discussions featuring international experts were held under each theme followed by discussions in plenary Delegates also participated in four smaller working group discussion sessions on select topics guided by working group questions which were prepared and distributed to participants in advance of the conference A designated chair moderated working group sessions and rapporteurs presented working group outcomes to plenary

A select group of 15 donors and concerned agencies followed up the conference with the Remittances Initiatives Coordination Meeting on Saturday October 11 2003 The purpose of the half-day session was to identify and agree on specific collaborative strategies between agencies aimed at enhancing the effectiveness and development impact of remittances in light of the conference discussions observations and conclusions2

1 Trends and Determinants

Presentations were made by Dilip Ratha World Bank on the Analytical Perspective Manuel Orozco Inter-American Dialogue on Where can Donors and Other Stakeholders Add Value and Judith van Doorn ILO on Characteristics and Development Dimensions (conceptual and practical) The session was moderated by Dr RK Jenny International Migration Policy Programme (IMP)

In this first session experts reaffirmed the importance of migrant remittances as a key source of global development finance pointing out principal characteristics which make remittance flows such an important factor in development growth They discussed important macro-economic and poverty impacts of remittance flows and described principal factors influencing such flows including financial infrastructures macro-economic environments and migrantsrsquo access to financial institutions

New estimates show that documented remittance flows continue to increase at a rapid rate putting global annual flows at US$88 billion for 2002 (revised up from the estimates of US$80 billion reported in the 2003 World Bank Global Development Report3) and a projected $90 billion for 2003 based on trends in the first half of the year Actual figures may be much higher This means that remittance flows constitute the largest source of financial flows to developing countries after Foreign Direct Investment (FDI) and indeed in many countries exceed FDI flows and are more stable than other capital flows such as FDI ODA and capital market flows Although the top recipients of remittances are large countries smaller countries receive more remittances as a share of GDP

Presenters pointed out that remittances are first and foremost person-to-person transfers Unlike many other kinds of financial flows they do not create liabilities and are by their very nature targeted to groups that need them most ie the poorer sections of society in developing

2 See Section V for summary report on the Remittances Initiatives Coordination Meeting3 Ratha Dilip 2003 ldquoWorkersrsquo Remittances An important and stable source of external development financerdquo Global Development Finance 2003 Chapter 7 The World Bank Washington DC

5


countries Furthermore evidence suggests that they are counter-cyclical flowing most strongly in times of crisis

Remittances are expected to show a stable increase well into the foreseeable future as globalisation fuels migration In particular persistent income inequalities between source and destination countries and the increase in temporary and circular migration trends as well as increasing South-South migration assisted by the low cost of travel are factors contributing to increasing global migration4

Complementing the link between migration flows and remittance flows is the relationship between remittances and poverty It was noted that emerging empirical findings presented by the World Bank and others indicate a positive correlation between migration and poverty reduction This contention was further supported by ILO case studies showing for instance that remittances in Bangladesh account for more than half of household income of families who receive them and in Senegal the figure is as high as 90 A key question raised in light of these findings related to how interested stakeholders including government policy makers donors private sector actors and migrants themselves can enhance poverty impacts of remittances and thus improve long-term benefits to migrantsrsquo families It was suggested that there is a fundamental need to improve migrantsrsquo access to the formal financial sector ndashor ldquobanking the unbankedrdquo ndash including through improved information sharing efforts to overcome migrantsrsquo cultural barriers to formal institutions increasing cost efficiency and transparency of transfers strengthening of financial infrastructures and outreach to underserved communities Significantly a recurrent recommendation highlighted throughout the conference was the need for sound macro-economic policies political stability and improvements in the investment climate in many developing countries

Some concerns relating to remittances were also voiced Principally it was noted that the flight of skilled human capital or ldquobrain drainrdquo constitutes a major problem for developing countries because it hampers economic and social development This was balanced with the view that while there might be a ldquodrainrdquo of human capital in the short term in the long term these human capital skills can be enhanced through migration and knowledge exchange and contribute in a positive manner to the development process when migrants return to their home communities In this connection it was noted that policies to resource migrant diasporas and leverage remittances should in part be geared to develop opportunities for qualified nationals to remain in or return to their countries of origin

Other concerns included the potential for remittances to create inequalities finance ldquounproductiverdquo spending and cause currency appreciation With respect to consumer oriented spending it was pointed out that distinctions between consumption and investment spending are sometimes difficult to make For instance research suggests that migrantsrsquo families tend to spend remittances on education housing and healthcare as well as on consumer items The former may have investment type effects in the longer term which are difficult to measure Moreover it was pointed out that consumer spending has multiplier effects on the economy although these might be less than an investment multiplier Gender differences in spending patterns are increasingly evident in ongoing remittance research and deserving of further exploration

4 Highlighted in the Second DFID White Paper 2002 on Globalisation6


2 Maximizing Development Benefits of Migrant Remittances Country Experiences

Presentations under this theme were made by Cerstin Sander Bannock Consulting on A Regional Perspective the Experience of Africa Narendra Jadhav Reserve Bank of India on The Experience of India and IF Bagasao Economic Resource Center for Overseas Filipinos (ERCOF) on The Experience of the Philippines This session was moderated by Donald Terry Inter-American Development Bank

Under this theme experts discussed the country experiences of India and the Philippines and regional experiences from Africa They pointed out the central importance that remittances have for the economies of their country and region described some of the initiatives that have been taken to foster remittances and some of the challenges facing governments and other stakeholders in the area of maximizing remittances and their development impacts

With respect to Africa it was noted that flows are significant constitute an important source of foreign exchange contribute to the balance of payments and provide a vital source of income for millions of families across the continent For recipients remittances translate into investments in human and social capital through spending on education health and food However of particular concern in Africa and especially sub-Saharan Africa is the absence of reliable data on both remittance flows and migration patterns Weak financial infrastructures and restrictive regulations in many African countries have the effect of encouraging the use of informal channels making remittance flows even more difficult to quantify and lessening their development impact It was therefore pointed out that specific challenges include improving financial infrastructures in terms of reliability and outreach adjusting existing regulations to reduce obstacles to formal remittances and improving the quality of data on migration and remittances

In the case of the Philippines and India the expert presenters noted the rapid increase in volume of remittances over the past few decades and the fact that remittances have remained less volatile impervious to economic slowdowns and will most likely increase in the foreseeable future in tandem with continuing emigration from these countries In the case of the Philippines remittances in 1974 amounted to US$103 million annually Today the Philippines receives US$7 billion annually Moreover over 800000 Filipinos continue to migrate annually creating the potential for further significant growth in remittance flows to the country In India 74 of the trade deficit is financed through remittances receipts Both India and the Philippines have engaged in proactive strategies to attract remittances and foster the use of formal channels and enhance development impacts For instance over the past 20 years the Government of the Philippines has promulgated legislation granting incentives and privileges for remitters in terms of investment options purchases of land tax breaks etc

Further immigration and citizenship laws have been reformed allowing overseas Filipino workers dual citizenship Similar initiatives have been taken in India through the issuance of the Persons of Indian Origin (POI) Cards Although the success of these incentive schemes is difficult to measure it was pointed out that remittances constitute an economic life-line for almost one million Filipino families With respect to India it was also noted that a slowdown in the oil producing economies of the Middle East where many Indian migrants work was compensated through increased remittances from migrants in North America

7


The issue of formalized versus informal transfers how to define ldquoinformalrdquo transfer systems and what policies should be adopted in this area were raised Beyond the methodological question of how to define an informal money transfer system (and in view of the plethora of existing semi-formalized systems) it was pointed out that informal transfer systems are not inherently ldquobadrdquo and indeed that from the perspective of the migrant they offer inexpensive and reliable alternatives to formal transfers where these are lacking or inadequate However from the point of view of transparency and accountability regulated systems are preferable and the challenge is therefore to devise regulatory regimes which are flexible and inclusive enough to encompass both informal and formal sector approaches

Formalization is also a desired outcome because formalized transfers have greater development potential and macro-economic benefits for developing countries and beyond the money transfer itself have the effect of plugging remitters into a host of other financial services such as savings credit investment and insurance options with significant long-term economic benefits to migrants In this context it was pointed out that many informal money transfer service providers (Hawaladars) cannot become formalized under the existing policy and regulatory regimes because of the overly restrictive nature of those regulations and because the environment in which they operate may lack the basic financial infrastructure for a formal financial institution The latter is particularly true in conflict afflicted countries and some developing countries with weak financial systems In line with this observation the suggestion was made to include informal money transfer agents in the regulation-making process

It was also noted that protecting migrantsrsquo human rights and ensuring that labor standards are respected in host countries is important in light of the increasing incidence of exploitation of migrant labor and migrant trafficking and smuggling To be sure migrant workers are more likely to fully realize their potential as remitters in environments where at a minimum internationally recognized labor standards are respected and domestic minimum wage laws are enforced

3 Measuring Development Impact of Remittances Expert presentations included a joint presentation by Richard Adams and John Page World Bank on The Impact of International Migration and Remittances on Poverty Jennifer Piesse Kingrsquos College London and Wise Development Ltd on the Social and Economic Impact of Remittances on Poverty and Eduardo Stein IOM Guatemala on the Development Role of Remittances Case of Central American Migrants in the US This session was moderated by Louis Kasekende World Bank

Under this theme experts presented research findings and new empirical evidence on the impacts of remittances on poverty It was noted that both migration and remittances have a strong positive correlation to poverty reduction in developing countries Specifically new empirical findings resulting from a study of 74 low and middle-income developing countries reveal that on average a 10 increase in the number of international migrants in a countryrsquos population can lead to a 16 percent decline in the poverty headcount5 Similarly a 10 increase in the share of remittances in a countryrsquos GDP can lead to a 12 decline in poverty6

It was also noted that the impacts of international migration on poverty vary by region probably due to the fact that migration statistics fail to accurately capture the numbers of

5 John Page amp Richard Adams presentation of paper - The Impact of International Migration and Remittances on Poverty World Bank forthcoming 20046 John Page amp Richard Adams forthcoming 2004 op cit

8


undocumented migrants especially those coming from East Asia and Latin America Finally it was pointed out that there is a pressing need for better migration and remittance data Even in those countries that do collect migration data it often remains unpublished and there is still the same recurring open question as to how much money is transferred through informal channels

At the community and family levels remittances have strong positive effects on economic security and well being as noted in earlier discussions Remittances enable better health care nutrition housing and education It was also noted that the tendency to remit varies depending upon factors such as the strength of the migrantrsquos kinship ties and intent to return to the country of origin Migrants who intend to return tend to remit more funds than migrants who are permanently integrated into host countries so long-term growth in remittances may slow as ties weaken with time

Interestingly men and women spend remittance income differently with men tending to purchase conspicuous consumer items such as televisions or cars while women more commonly choose healthcare food and schooling These differences in spending patterns may have important long-term consequences for remittance receiving households because education and health care have investment type effects which might help raise families out of poverty in the long-run while conspicuous consumption may not

In terms of optimizing migrantsrsquo use of remittances it was noted that research conducted by the IOM in Central America reveals that in general remittances have better local investment potential where modern and flexible financial infrastructures exist and where government technical assistance institutions are capable of supporting migrantsrsquo financial needs Successful initiatives in this area include creating ldquofinancial platformsrdquo capable of facilitating the management of income generated in the United States as well as the transfer of funds such as for instance through the use of banking services in local bank accounts in US currency To this end community funds pilot projects are being tested

4 Remittance Infrastructure Financial Services and Products

Expert presentations were made by David Grace World Council of Credit Unions (WOCCU) on a Case Study on Integration of Financial Sector Services followed by a Panel Discussion on Innovations Strategies and Responses featuring presentations by Mohmud HA Mohamed CitiBank Akin ldquoHatchrdquo Toffey MasterCard International and Saad Shire Dahabshiil Transfer Services Limited This session was moderated by Marylou Uy World Bank

Experts presented an overview of financial services and products including current and future innovations in this area It was noted that increased interest in the remittance business on the part of financial institutions has increased the range and variety of remittances services and products offered by banks credit unions and non-financial transfer services Generally as a result of greater competition transaction costs are lower and outreach has improved

Nevertheless a significant portion of immigrants in host countries as well as their families in home countries remain ldquounbankedrdquo For instance figures from the United States reveal that Latino immigrants are four times more likely to be unbanked than the general population Figures for other immigrant communities in the US reveal the same pattern This predicament prevents migrants and their families from accessing a range of services including savings credit and insurance options offered by the financial system It was therefore

9


highlighted that one of the major challenges confronting traditional financial institutions and other financial service providers is to integrate unbanked senders and receivers into the financial system through better outreach new technologies and more cost efficient and transparent services A number of approaches were discussed including new products such as prepaid account options expanded and more flexible card-based services for recipients of remittances increased access to ATMs the new Credit Union service IRNet and other modern payment systems The large volume of both money and potential new clients involved make it attractive to the private sector to find ways of providing these services assuming the appropriate regulatory framework is in place

In terms of improved outreach it was noted that credit unions ndash relative newcomers to the remittances business ndash are generally well positioned to serve the unbanked because of their extensive networks of rural points of service Other benefits to credit union services were identified including research findings from Latin America showing that credit union members are more likely to save some portion of the value of remittances received than those using other non-bank financial institutions such as money transfer services Also and most significantly the provision of remittances services by credit unions often results in the opening of depository transaction accounts and consequently the integration of unbanked senders and receivers into the financial system In this context it was pointed out that regulatory obstacles to credit union participation in remittance business remain Specific challenges include improving their access to central bank clearingsettlement systems

5 Remittance Infrastructure Regulatory and Supervisory Policies

A panel discussion on Regulatory and Supervisory Frameworks for Remittance Services featured presentations by Samuel Munzele Maimbo World Bank Nikos Passas Northeastern University and was followed by a presentation by Abdusalam Omer United Nations Development Programme (UNDP) on Regulation and Supervision in the Somali Context The panel was moderated by Norbert Bielefeld World Savings Bank Institute (WSBI)

The panelists noted that since the terrorist attacks of September 11 2001 there has been increased attention to and official concern over informal funds transfer systems and their potential links to international criminal activity such as money laundering and terrorist financing While recognizing that informal transfer systems fulfil important and mostly legitimate functions there has been a move by national financial regulators to review existing regulations and develop policies to address informal transfer systems including by bringing them into the formal sector Specifically it was noted that the Financial Action Task Force (FATF) on Money Laundering Special Recommendation on Terrorist Financing No 6 requires 1) registration or licensing of all informal money transfer services such that they be subject to all FATF Recommendations that apply to banks and non-bank financial institutions and 2) countries must enforce FATF Recommendations through administrative civil or criminal sanctions

While initial post-September 11 reactions to informal transfer systems focused on prohibition of everything that was unregulated more nuanced approaches are gaining ground which recognize the need to strike a balance between appropriate levels of regulation aimed at minimizing financial abuse while at the same time promoting cost-efficient and accessible transfer services On the one hand regulation is needed in the interest of transparency on the other regulatory and supervisory policies should not inhibit transfers by driving up costs and reducing access to financial services and products In this connection it was emphasised that remittances including those going through informal channels play a vital and life sustaining

10


role for millions of vulnerable persons in poor countries particularly in post-conflict countries and situations where formal financial services and infrastructures are non-existent The example of Somalia was highlighted and it was noted that remittance flows to Somalia are in fact greater than total development assistance Caution must therefore be exercised in order not to limit remittance options or reduce access in a manner that would adversely affect populations in recipient countries that depend on remittances for their survival

Related to this issue is the question of how to devise regulatory regimes that do not drive informal systems further underground but rather encourage their formalization In this connection it was pointed out that regulation alone may be insufficient There is a need also to include concerned stakeholders such as informal remittance service providers into the regulation making process and regulations themselves must also create compliance incentives

Moreover it is important to match regulatory requirements with local and national capacities in order to ensure enforceability and in this context it was pointed out that sometimes it is necessary to raise national capacities to supervise and enforce regulations In situations where formal financial systems are virtually absent such as Somalia and Afghanistan regulations may have limited or counterproductive effects where complementary efforts are not made to develop financial infrastructures and supervisory capacities

6 Policy Implications

Expert presentations were made by Devesh Kapur Harvard University on Policies to Enhance the Volume and Development Effects of Remittances Richard Black University of Sussex on Migration Trends and RK Jenny International Migration Policy Programme (IMP) on Government Perspectives in Developing Regions This session was moderated by Gervais Appave IOM

Presenters highlighted the complex interplay between migration development and remittances and discussed key policy implications It was noted that migration is a complex and fluid phenomenon involving millions of individuals and that the development impacts for both origin and destination countries will therefore depend on a variety of interacting factors such as volume patterns and dynamics of migration flows

Recent salient trends were discussed including shifts in migration patterns such as the emergence of new origins and destinations for global migrant flows the changing gender and age composition of migrant flows as women and children migrate independently from parents or spouses in larger numbers increasing importance of temporary migration and South-South migration and the increasing incidence of irregular migration including trafficking and smuggling of migrants Also it was pointed out that not only are migration patterns changing but the perception of migration is itself changing It is no longer simply seen as a failure of development but increasingly as an integral part of the whole process of development with a potentially important role to play in the alleviation of poverty

In this context it was reaffirmed that remittances constitute one of the most visible contributions of migration to development in poorer countries While the full extent of their impact cannot be properly assessed without developing better data it was nevertheless noted that they have very significant poverty alleviation impacts by increasing income to poor households and that at this level remittances may have a greater effect even than traditional foreign aid However the effects on long-term economic development are more difficult to assess and in this area cannot substitute for foreign aid

11


While remittances constitute a key source of external development finance for developing countries underlying migration realities must not be forgotten The fact that such large numbers of persons resort to migration as a way of coping with the economic circumstances prevalent in their countries is a reflection of the harsh realities of poverty and deprivation in the developing world Also migration may have negative consequences at the individual level in terms of human costs of uprooting and the break up of families At the national level the problem of brain drain is a pressing concern for developing countries because the flight of skilled human capital poses a threat to economic growth by depriving industry and key service sectors of skilled personnel

Nevertheless it was noted that remittances constitute a form of reinvestment by migrants in their home countries and are part of what is actually a much wider spectrum of developmental effects of migration Interestingly it was suggested that it is the contribution of human capital through skills and knowledge acquisition abroad taken together with remittances that will have the greatest long-term development impact rather than remittance transfers alone

Temporary migration is an emerging trend that is particularly responsive to policy intervention and may help achieve the goals of destination and origin countries as well as to improve the welfare of migrants themselves Temporary migration implies by its very nature that migrants would return home after a limited stay abroad hypothetically bringing with them the new skills and ideas acquired abroad thus countering the brain drain effects of permanent stays It also has the advantage of temporarily relieving labor market surpluses and generating remittances Thus it was suggested that short term labor migration from the perspective of origin countries may constitute a method of maximizing the development potential of migrants while avoiding some of the adverse consequences associated with more permanent forms of migration Similarly from the perspective of destination countries opening up short-term migration channels tends to reduce the incidence of irregular migration and is a better method of matching domestic labor market needs Lastly from the perspective of the migrants themselves temporary migration may offer better protection and a better livelihood strategy than permanent migration Another vital issue that was raised and needs to be considered was the issue of domestic internal migration (including domestic circular and seasonal migration) and related internal remittances flows Many development focused policy prescriptions seem to neglect the contribution that internal remittances can make to development As for remittances more research is needed on migration in order to be certain that policies for domestic and international remittance flows are complementary Especially as internal migrant remittances are usually supporting households that are often poorer and more vulnerable than households receiving international remittances

III CONCLUSIONS

The conference reiterated that migrant remittances constitute a key source of global development finance Documented remittance flows continue to increase at a rapid rate with new estimates putting global annual flows at US$88 billion for 2002 (revised up from GDF Report 2003 estimates of US$80billion) and a projected $90 billion for 2003 based on trends in the first half of the year The extent of informal flows is very hard to assess and actual figures may be much higher

12


Increasing global migration patterns have a significant impact on remittance flows The conference observed that because of increasing global migration caused by persistent income inequalities between origin and destination countries increasing temporary migration increasing South-South migration and other factors related to globalization remittances are expected to continue growing well into the foreseeable future

Improving access to financial services is central to enhancing the development impact of remittances The conference suggested that there is a need to improve migrantsrsquo access to the formal financial sector ndashor ldquobanking the unbankedrdquo ndash through mechanisms such as improved information sharing efforts to overcome migrantsrsquo cultural barriers to formal institutions increasing cost efficiency and transparency of transfers strengthening of financial infrastructures and outreach to underserved communities constitute priorities The private sector has an important role to play in this and many financial institutions are developing financial products specifically for migrant populations

In order to foster remittance flows a recurrent recommendation related to the need for sound macro-economic policies political stability and improvements in the investment climate in many developing countries

The conference noted that there is a need to strike a balance between appropriate levels of regulation aimed at minimizing financial abuse and promoting cost efficient and accessible transfer services Regulation is needed in the interest of transparency but regulatory and supervisory policies should not inhibit transfers by driving up costs and reducing access to financial services and products Remittances play a vital and life sustaining role for millions of vulnerable people and every effort must be made to maintain and enhance their effectiveness

The conference recommended that innovative approaches to the study of the effects and uses of remittances be identified Notably the gender dimension was raised as an area needing further research based on the observation that men and women spend remittance income differently Patterns of remittance spending at the household level will determine long-term beneficial impact

Reliable data constitutes the basis for any policy action in the remittance area In order to better understand relationships between migration remittances and development many experts pointed to the pressing need for reliable and comprehensive statistics on both remittances and migration flows Because of problems of underreporting the lack of common definitions and lack of institutional capacities to collect and disseminate data certain regions suffer from a complete absence of reliable data on remittances andor migration statistics

ldquoBrain drainrdquo concerns remain a matter of pressing importance and constitutes in some senses the reverse side of the benefits that remittances flows can offer Thus the conference pointed out that policies to resource migrant diasporas and leverage remittances should in part be geared to developing opportunities for qualified nationals to remain in or to return to their countries of origin

Significantly the conference also noted that remittances beyond the transfer of funds constitute a point of entry for migrant communities to a variety of banking services and products including access to savings credit and insurance options with significant long-term benefits to migrants and their families

13


IV WORKING GROUP SESSIONS

The conference proceedings included two working group sessions during which delegates had the opportunity for in-depth discussions of select topics During the Final Session of the first day four concurrent working groups (ABC amp D) consisting of approximately 26 delegates each discussed a series of questions on the themes Remittances in the Context of Development and Maximizing Developmental Benefits of Migrant Remittances On the second day the same working groups discussed questions under the themes Remittance Infrastructure Financial Services and Products and Next Steps and Remittance Infrastructure Regulatory and Supervisory Policies and Next Steps These sessions lasted approximately an hour and a half and working group outputs were presented to the plenary thereafter Summaries of these discussions appear below

A Remittances in the Context of Development

Working Groups A amp B gave the following answers relating to questions on Remittances in the Context of Development

1 What is the impact of remittances on economic and social development (at national community and individual levels) and how can this impact be measured

Remittances increase incomes to recipient households and reduce poverty in recipient countries At the individual level the most significant effects of remittances include improvements in consumption patterns food security education housing and increased investments including in real estate At the national level remittances assist governments with balance of payments improve a countryrsquos credit rating thereby reducing the cost of external borrowing

Approaches to measuring development impacts of remittances include household budget surveys (particularly those that report remittances as a source of household income) analysis of housing stock data (since remittances are often used to purchase andor improve housing) and data from enterprises that are supported by remittances Qualitative studies should also be pursued such as participant observation and interviews with labourers and their family members in the home country

2 What factors (macro-economic regulatory political other) determine the development impacts of remittances

Important factors affecting development impacts of remittances include the overall macro-economic environment investment climate fiscal and monetary policies in the recipient country Additional factors include the intention of migrant workers to return to their home country which influences both volume and development impact as do gender skill level and motivation for migration

3 How can stakeholders (governments financial sector diasporas other) make a difference and what are some of the emerging good practices

Governments should review existing policies affecting remittances with a view to adjusting them in line with prevailing best practice approaches They should also where possible engage in proactive strategies to attract and channel remittances such as increasing investment and savings options provide matching funds schemes to

14


remittances supported investments disseminate information on remittances to migrants assist them in opening bank accounts in destination countries and provide low-cost remittance services to migrants With respect to financial institutions it was felt that they should become more accessible to migrants more cost effective and efficient and that this would be possible as had been demonstrated by examples in the Philippines and Latin America

B Maximizing Developmental Benefits of Remittances

Working Groups C amp D gave the following answers relating to questions on Maximising Development Benefits of Remittances

1 What policies - governmental and of other stakeholders - are key in strengthening the link between remittances and development

Host and home countries should develop enabling frameworks that recognise the benefit of remittances including through sound macro-economic policies It was noted that these would have to be complemented by improvements in overall political governance Specific policy objectives include fostering universal access to payments systems leveraging technologies to the benefit of remitters and recipients engaging traditional financial service organizations improving remittance data collection and fostering partnerships between financial institutions and civil society

2 What are the most successful initiatives and experiences in this area and what lessons have been learned

Matching funds schemes (eg Mexico 3 for 1) strengthening relations with diasporas through immigration legislation (eg Persons of Indian Origin Card with visa requirement waived) promotion and support of hometown associations efficient and cost effective money transfer systems and improvements in access to information relating to savings and investment opportunities

3 What are future opportunities for maximizing the development benefits of remittances

Designing positive incentive schemes for recipients to save and invest remittances establish mechanisms for 1) pre-departure orientation to migrants on remittance transfer and savings options 2) post-arrival host country orientation on remittance options 3) reintegration assistance relating to investment options for accumulated savings Promoting and disseminating information on latest technologies eg wireless internet technologies and the role of employers of migrant workers in delivering payment technologies and financial services Further information should also be provided to migrants about the potential risks including legality of using informal transfer systems

C Remittances Infrastructure Financial Services Products and Next Steps

On the second day of the conference Working Groups A amp B gave the following answers relating to questions on Remittance Infrastructure Financial Services and Products and Next Steps

15


1 How does the financial infrastructure in developed and developing countries impact remittance flows and how does the infrastructure respond to the needs of remitters and recipients

Poorly developed financial infrastructures constitute a serious obstacle to formal remittances flows in developing countries by limiting access to remittance services for both senders and receivers In this connection special attention should be paid to underserved communities such as the rural poor in terms of developing better outreach and strengthened infrastructures

2 What are some of the most significant recent developments in the area of financial servicesproducts and how can these be leveraged to the benefit of remitters

Promising approaches include examples from efforts in Latin America and India to link existing credit union institutions and post office networks with formal banking institutions thus extending outreach to underserved areas the establishment of indigenous banks notably in the Caribbean constitute another example

3 What outreach activities are needed to design new financial services and inform remitters and recipients of available services

Governments should strengthen efforts to engage diasporas through better information sharing including through development of web-based solutions Fostering trust is an important element of migrant outreach because evidence shows that even in countries with well developed financial infrastructures such as the Philippines significant flows are still channelled informally

4 Next Steps

1) Enhanced efforts to improve reporting and measurement of remittance flows from both sending and receiving countries 2) assessing financial infrastructures especially in receiving countries to identify barriers to remittance flows and concomitant promotion of investments in domestic payment and ancillary systems in developing countries 3) comprehensive assessment of best practices and lessons learned 4) reassessing regulatory environment with a view to promoting balanced regulations which provide incentives to industry while allowing greater outreach by permitting non-banking institutions to participate in payment systems 5) promoting cooperation between public and private sectors 6) increasing investment choices for migrants and promoting information dissemination on remittances for example through a website

D Remittances Infrastructure Regulatory and Supervisory Policies and Next Steps

Working Groups C amp D gave the following answers to questions on Remittance Infrastructure Regulatory and Supervisory Policies and Next Steps

1 What are the principle regulatory constraints and opportunities from the perspective of the financial service sector

Regulatory constraints in receiving countries include foreign exchange restrictions and general inadequacies in regulatory and supervisory regimes Constraints in sending countries include restrictive licensing requirements and restrictions on outflows Lack of access to clearing and settlement systems and high costs of

16


compliance with regulations were identified as affecting financial services in both sending and receiving countries Opportunities include bilateral regulatory cooperation and harmonization of practices with a view to creating a transparent and level playing field in the remittance business

2 Which governmental policies are needed to encourage the increased use of the formal financial sector and to develop better and more cost effective products for remitters

Sound and realistic supervisory policies enhanced access to financial systems including for undocumented migrants general strengthening of national payment systems appropriate and transparent disclosure of exchange rates and fees charged and setting up of a complaints mechanism for remitters

3 What are the implications of money laundering and anti-terrorist legislation

The benefits of money laundering and anti-terrorist regulations are to promote transparency The constraints are that they generally have the effect of raising the costs of remittance transactions reducing access to money transfer services and increasing the use of informal transfer channels

4 Next Steps

Take measures to increase access to money transfer services including through modernization of the financial infrastructures in developing countries initiating pilot projects to test experiences and lessons learned set up information sharing tools such as data base or website for sharing of information on a global basis set up industry task force to elaborate guiding principles with emphasis on issues of ldquobanking the unbankedrdquo achieving appropriate regulatory regimes and elaborate best practice principles on remittances

17


18


V REMITTANCE INITIATIVES CO-ORDINATION MEETING

Saturday 11 October 2003 9rsquo00 to 12rsquo00 London UK

Participants African Development Bank (AfDB) Asian Development Bank (ADB) CGAP Department for International Development (DFID) International Labour Organization (ILO) International Migration Policy Programme (IMP) International Monetary Fund (IMF) International Organization for Migration (IOM) United States Agency for International Development (USAID) World Bank Inter-American Development Bank (IADB) World Council of Credit Unions (WOCCU) World Savings Bank Institute (WSBI) International Fund for Agricultural Development (IFAD) Inter-American Dialogue

Purpose To identify and agree on specific collaborative strategies between agencies aimed at enhancing the effectiveness and developmental impact of remittances in light of the conference discussions observations and conclusions (see Report and Conclusions)

Proceedings Each organization gave a brief introduction to its activities in the remittance field A ldquobrainstormingrdquo session followed which resulted in a set of 15 short action recommendations as the basis for future research and operational activities on remittances 1) Create an inter-organizational task force for next steps 2) elaborate a set of core principles regarding remittances 3) produce a short stocktaking paper explaining remittance activities of each organization 4) establish a website containing information regarding policy regulation outreach funding donor principles and technology 5) develop methodology to measure remittance flows 6) put remittances on governmentsrsquo policy agenda 7) elaborate balanced and effective regulations 8) include all stakeholders including migrants themselves in remittance dialogue 9) improve data collection and development 10) pilot good practice projects 11) link migrants on sending side with micro-finance institutions in home countries 12) strengthen links with diaspora 13) bear in mind that remittances are not a substitute for ODA 14) conduct more research on migration trends 15) research link between migration and remittances

This list was then narrowed down to 3 core themes Organizations were then requested to express their interest in taking the lead role in coordinating future activities

It was suggested and in principle agreed that

1) The three core themes include (a) developing a core set of principles to guide future involvement of interested parties in this field (b) coordinating the knowledge management and dissemination process of the conference proceedings and future activities through publications conferences and a possible dedicated website (c) developing reliable and accurate data on both remittances and migration

2) An inter-agency task force be established to lead and co-ordinate future remittance

research and operational activities That the administrative structure for the taskforce should be light and include a core group which would delegate responsibilities to other agencies and interested parties with respect to the agreed thematic areas


3) The following agencies expressed a willingness to take the lead in exploring possibilities for collaborative action to implement the conclusions and recommendations of the meeting

1) Inter-Agency Task ForceWorld Bank DFID and IMP

The Task Force to be housed in the World Bank will be responsible for overall coordination on the planned activities including through information sharing dialogue with concerned stakeholders and delegation of tasks on a consultative basis

2) Core Principles CGAP IMP IMF ILO World Bank IFAD

The World Bank will lead the debate on a set of core principles on remittances to guide future work

3) Knowledge Management USAID IOM CGAP World Bank

USAID agreed to take the lead in efforts to assess the demand for a dedicated website for all the activities planned for this area Participants expressed concern about the costs associated with hosting and regularly updating a website

The report on the conference proceedings prepared by IMP is being circulated to all conference participants The report will be followed by a CD Rom collection of conference presentations and the World Bank publication aimed for August 2004

4) Data DevelopmentWorld Bank Inter-American Development Bank IOM

Working with the IMF IADB and IOM the World Bank will take the lead in coordinating international efforts to improve the quality of data collection and reporting on migration and remittances The IADB will coordinate the involvement of regional development banks in this effort IMF will assist in addressing challenges posed by achieving consistency in balance of payment statistics IOM and World Bank will address issues related to matching migration data with remittance data

20

VI ANNEXES

A AGENDA

Thursday October 9 2003 Morning

Opening SessionMODERATOR DAVID STANTON CHIEF ENTERPRISE DEVELOPMENT ADVISOR DFID

0800 ndash 0900

REGISTRATION AND BREAKFAST

0900 ndash 1000

Welcome Statements GARETH THOMAS PARLIAMENTARY UNDER-SECRETARY OF STATE

DEPARTMENT FOR INTERNATIONAL DEVELOPMENT CESARE CALARI VICE PRESIDENT FINANCIAL SECTOR WORLD

BANK

I Trends and DeterminantsMODERATOR ROLF K JENNY DIRECTOR

INTERNATIONAL MIGRATION POLICY PROGRAMME (IMP)UNITAR SENIOR SPECIAL FELLOW

1000 ndash 1020

DILIP RATHA WORLD BANK Analytical Perspective

1020 ndash 1040

MANUEL OROZCO INTER-AMERICAN DIALOGUE WHERE CAN DONORS AND OTHER STAKEHOLDERS ADD VALUE

1040 ndash 1100

JUDITH VAN DOORN INTERNATIONAL LABOUR OFFICE (ILO) Characteristics and development dimensions (conceptual and

practical)

1100 ndash 1200

Discussion

1200 ndash 100 Lunch

Thursday October 9 2003 Afternoon

II MAXIMIZING DEVELOPMENTAL BENEFITS OF MIGRANT REMITTANCESCOUNTRY EXPERIENCES

MODERATOR DONALD TERRY MANAGER MULTILATERAL INVESTMENT FUNDINTER-AMERICAN DEVELOPMENT BANK

0100 ndash 0120

ILDEFONSO BAGASAO ECONOMIC RESOURCE CENTER FOR OVERSEAS FILIPINOS (ERCOF)

The Experience of the Philippines

0120 ndash 0140

NARENDRA JADHAV RESERVE BANK OF INDIA (RBI) The Experience of India

0140 ndash 0200

CERSTIN SANDER BANNOCK CONSULTING A Regional Perspective the Experience of Africa

0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break

III Measuring Development Impact of RemittancesMODERATOR LOUIS KASEKENDE EXECUTIVE DIRECTOR WORLD BANK

0300 ndash 0320

RICHARD ADAMS AND JOHN PAGE WORLD BANK The Impact of International Migration and Remittances on

Poverty

0320 ndash 0340

JENIFER PIESSE KINGrsquoS COLLEGE LONDON AND WISE DEVELOPMENT LTD Social and Economic Impact of Remittances on Poverty

0340 ndash 0400

EDUARDO STEIN IOM GUATEMALA Development Role of Remittances Case of Central American

Migrants in the US

0400 ndash 0520

WORKING GROUPS REMITTANCES IN THE CONTEXT OF DEVELOPMENT MAXIMIZING DEVELOPMENTAL BENEFITS OF MIGRANT

REMITTANCES

0520 ndash 0540

WORKING GROUP REPORTS TO PLENARY

0540 ndash 0600

Discussion

0730 ndash Cocktails

Friday October 10 2003 Morning

IV Remittance Infrastructure financial services and productsMODERATOR MARILOU UY DIRECTOR OPERATIONS AND POLICY DEPARTMENT

FINANCIAL SECTOR WORLD BANK

0900 ndash 0920

DAVID GRACE WORLD COUNCIL OF CREDIT UNIONS (WOCCU) Case Study on Integration of Financial Sector Services

0920 ndash 1030

PANEL DISCUSSION Innovations Strategies And ResponsesMOHMUD HA MOHAMED CITIBANK AKIN ldquoHATCHrdquo TOFFEY MASTERCARD INTERNATIONAL SAAD SHIRE DAHABSHIIL TRANSFER SERVICES LIMITED

1030 ndash 1045

BREAK

V REMITTANCE INFRASTRUCTURE ndash REGULATORY AND SUPERVISORY POLICIESMODERATOR NORBERT BIELEFELD DEPUTY DIRECTOR BUSINESS COOPERATION

WORLD SAVINGS BANK INSTITUTE

1045 ndash 1145

Panel Discussion Regulatory and Supervisory Framework for Remittance ServicesSAMUEL MUNZELE MAIMBO WORLD BANKNIKOS PASSAS NORTHEASTERN UNIVERSITYABDUSALAM OMER UNITED NATIONS DEVELOPMENT PROGRAMME (UNDP) Regulation and Supervision in the Somali Context

1145 ndash 0115

WORKING GROUPS Remittance Infrastructure Financial Services and Products Remittance Infrastructure Regulatory and Supervisory

Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300

Working Group Reports to Plenary

Friday October 10 2003 Afternoon

VI POLICY IMPLICATIONSMODERATOR GERVAIS APPAVE DIRECTOR

MIGRATION POLICY AND RESEARCH PROGRAM (MPRP) INTERNATIONAL ORGANIZATION FOR MIGRATION (IOM)

0300 ndash 0320

DEVESH KAPUR HARVARD UNIVERSITY Policies to Enhance the Volume and Development Effects

of Remittances

0320 ndash 0340

RICHARD BLACK UNIVERSITY OF SUSSEX Migration Trends

0340 ndash 0400

R K JENNY INTERNATIONAL MIGRATION POLICY PROGRAMME (IMP) Government Perspectives in Developing Regions

VII Closing SessionMODERATOR MARILOU UY DIRECTOR OPERATIONS AND POLICY DEPARTMENT


0400 ndash 0450

Summing up of key points and Close MAMPHELA RAMPHELE MANAGING DIRECTOR WORLD BANK DAVID STANTON CHIEF ENTERPRISE DEVELOPMENT ADVISOR

DFID

B LIST OF PARTICIPANTS

GOVERNMENTS

ALBANIAMS LUIZA SHEHU JANODirectorMacroeconomic DepartmentMinistry of FinanceTiranaAlbaniaTel +335 4 258437Fax +355 4 228938Email macrodirectorminfingoval

BANGLADESHMR ABUL KALAN AZADJoint DirectorBangladesh Bank13th Floor 2nd Annex BuildingForeign Exchange Policy DepartmentBangladesh Bank Head OfficeDhaka 1000BangladeshTel +88 02 712 0952Fax +88 02 712-0660956-6212Email azadbaitlbdnet

CANADAMs Sally ANDREWSSenior Policy Advisor International PolicyCitizenship and Immigration Canada365 Laurier Avenue WestOttawa Ontario K1A 0G4CanadaTel +1 613 954 7429Fax +1 613 954 4322Email sallyandrewscicgcca

CANADAMr Barnarbe NDARISHIKANYEPolicy AnalystCanadian International Development Agency (CIDA)200 Promenade du PortageGatineau Quebec K1A 0G4Canada Tel +1 819 997 1531Fax +1 819 956 9107Email barnabe_ndarishikanyeacdi-cidagcca

CHINAMr Zhong WUDirector GeneralDepartment of External Cooperation the State Council Leading Group Office of Poverty Alleviation and Development (LGOP)No 11 NongzhanguannanliBeijing 100026ChinaTel +86 10 64 19 30 95Fax +86 10 64 19 30 55Email fpbwzhagrigovcn

ECUADORMr Gonzalo VEGA M Embassy of EcuadorFlat 3b 3 Hans CrescentLondon SW1X OLSUnited KingdomTel +44 207 584 1367Fax +44 207 823 9701Email embajadaecuadorbpclickcom

FRANCEMR LUC EYRAUDAdministrateur INSEEDirection de la PreacutevisionMinistre de lEconomie des Finances et de lIndustrie139 Rue de Bercy75572 Paris Cedex 12 FranceTel +33 1 53 18 56 91Fax +33 1 53 18 36 19Email luceyrauddpfinancesgouvfr

FRANCEMr Guillaume CRUSEAgence Franccedilaise de Deacuteveloppement5 Rue Roland Barthes75598 Paris Cedex 12Tel +33 1 53 44 32 20Email crusegafdfr

INDIAMr Narendra JADHAV Officer-in-ChargeDepartment of Economic Analysis and PolicyReserve Bank of India (RBI)8th Floor Central Office BuildingShaheed Bhagat Singh Marg FortMumbai - 400 001IndiaTel +91 22 2266 3785Fax +91 22 2261 0626Email narendrajadhavrbiorgin

JAMAICAMS ELAINE WEIREconomic Analyst - Financial Regulation DivisionMinistry of Finance and Planning30 National Heroes CircleKingston 4JamaicaTel +876 922 8600Fax +876 924 9291Email elainemofgovjm

LESOTHOMR MOEKETSI MAJORODirectorMinistry of FinancePO Box 395Maseru LesothoTel +266 22325586Fax +266 22 31 07 10Email majormfinancegovls

THE NETHERLANDSMr Frederikes JANMAATPolicy Advisor Multilateral BanksMinistry of FinanceKorte Voorhout 72500 EE Den HaagNetherlandsTel +31 703 427 454Fax +31 703 427 901Email fjjanmaatminfinnl

NIGERIAMs Jessie Iquo ANIEAssistant DirectorMult DeptFederal Ministry of FinanceCentral Area PMB 14Abuja NigeriaTel +234 9 234 04 08Fax +234 9 234 36 09

PAKISTANMr Syed Samar HASNAINJoint Director Divisional Head ndash Policy DivisionExchange Policy DepartmentState Bank of Pakistan1st Floor Boulton MarketPrize Bond Sub-Office MA Jinnah RoadKarachiPakistanTel +92 51 921 72 31Fax +92 51 921 25 27Email samarhasnainsbporgpk

PAKISTANMr Haroon QAZIAdditional DirectorNational Accountability BureauAta Turk Avenue G-52IslamabadPakistanTel +92 51 920 57 71Fax +92 51 921 34 16Email hqazinabgovpk hqazihotmailcom

PAKISTANMr Asif Zaman ANSARIDirector GeneralNational Accountability BureauAta Turk Avenue G-52IslamabadPakistanTel +92 51 920 72 63Fax +92 51 920 52 20Email asifansari3hotmailcom

PHILIPPINESMs Golda Myra ROMAAttorneyCommission on Filipinos Overseas Department of Foreign AffairsCitigold Centre1245 Quirino AvenueCorner South SuperhighwayPaco ManilaPhilippinesTel +632 561 8329Fax +632 561 8332Email goldamyra_ryahoocom

SWEDENMr Erik ELDHAGENSenior Administrative OfficerInternational DepartmentMinistry of FinanceDrottninggatan 21SE-103 33 StockholmSwedenTel +46 8 405 43 64Fax +46 8 24 39 05Email erikeldhagenfinanceministryse

UGANDAMr David BEHENAAG DirectorTrade and External DebtBank of UgandaPO Box 7120 KampalaUgandaTel +256 41 231036Fax +256 41 259336Email Dbehenabouorug

UNITED KINGDOMMs Lucy MAKINSONFinancial Systems and International Standards HM Treasury 1 Horse Guards Road London SW1A 2HQ Tel +44 20 7270 5072 Fax +44 20 7270 5697 Email lucymakinsonhm-treasuryxgsigovuk

USAMS LOIS E QUINNDeputy Director Task Force on Terrorist Financing

USAMS GEETHA RAOInternational EconomistOffice of International Banking and Securities

US Department of Treasury 1500 Pennsylvania AveWashington DC 20220United States of AmericaTel +1 202 622 9122 Fax +1 202 622 2834 Email loisquinndotreasgov

MarketsUS Treasury1440 New York Ave NW Room 3115Washington DC 2005United States of AmericaTel +1 202 622 1238Fax +1 202 622 1254Email geetharaodotreasgov

USAMr Barry LENNONFinancial Services Team LeaderUSAID1400 Pennsylvania AvenueWashington DC 20523 ndash 2110United States of AmericaTel +1 202 712 1598Email blennonusaidgov

USAMS LENA HERONRural Development AdvisorUSAIDRM 2-11 Ronald Reagan Building1300 Pennsylvania AveWashington DC 20523Tel +1 202 712 0391Fax +1 202 216 3579Email lheronusaidgov

USAMr Jeremy M SMITHDevelopment Finance AdvisorUSAIDMEXICOUS Embassy Mexico (AID)PO Box 9000 Brownsville TXUnited States of AmericaTel +52 55 5080-2000Fax +52 55 5080 2312Email jeremyusaidgov

ZAMBIAMr Mulenga JJ MUSEPASenior EconomistBank of ZambiaBOX 30080 Lusaka 10101ZambiaTel +260 1 228 888Fax +260 1 221 722Email mjmusepabozzm

INTER-GOVERNMENTAL NON-GOVERNMENTAL AND OTHER INSTITUTIONS

ACCION INTERNATIONALMS MARIA JARAMILLOMicrofinance Specialist Savings and Remittances ProjectACCION International733 15th St NW Suite 700Washington DC 20009Tel +1 202 393 5113Fax +1 202 393 5115Email mjarmilloaccionorg

ASIAN MIGRANT CENTREMr Bienvenido Jr MOLINAProgram CoordinatorAsian Migrant Centre9F Lee Kong Commercial Bldg 115 Woosung StrKowloonHong Kong SARTel +852 23 12 00 31Fax +852 29 92 01 11Email bienasian-migrantsorg

CONSUMERS INTERNATIONALMs Dawar KAMALA Global Programmes and Policy Officer Consumers and the Global Market ProgrammeConsumers International24 Highbury CrescentLondon N5 1RXUnited KingdomTel +44 020 7226 6663 x24Email kdawarconsintorg

ERCOFMr Ildefonso F BAGASAOPresident and Executive TrusteeEconomic Resource Center for Overseas Filipinos (ERCOF)3105 Madison SuitePioneer highlands Tower 3 Pioneer StreetMandaluyong CityPhilippinesTel +63 927 210 744Email dbagasaohotmailcom

EUROPEAN COMMISSIONMr Peter BOSCH European Commission Directorate A Movement of Persons Citizenship and Fundamental RightsUnit A2 Immigration and Asylum Rue du Luxembourg 46B-1049 Brussels Belgium Tel +32 2 296 21 09Fax +32 2 298 03 13 Email peterboschceceuint

EUROPEAN COMMISSIONMs Isabelle COMBESAdministratorEuropean Commission for External RelationsBacirctiment Charlemagne Bureau 111381049 BruxellesTel +32 2 295 81 47Fax +32 2 299 21 76Email isabellecombesceceuint

EUROPEAN COMMISSIONMr Robertus ROZENBURGEuropean Commission ndash DG DevelopmentRue de la LoiWelstraat200 1049 BrusselsBelgiumTel + 32 2 2961 831Email robertusrozenburgceceuint

FORD FOUNDATIONMR DAVID MYHREProgram Officer for Development Finance and Economic SecurityThe Ford Foundation Office for Mexico and Central America Apartado Postal 105-71 Emilio Castelar 131 (enter on Anatole France) Colonia Polanco 11560 Meacutexico D F Mexico Tel +52 55 9138 0270 Fax +52 55 9138 0279 Email dmyhrefordfoundorg

FUNDACION PARA LA PRODUCTIVITAD EN EL CAMPO AC Mr Roberto RAMIREZ ROJAS VELASCOGeneral DirectorFundacion par a la productividad en el camop ACPalenque 296 Narvarte Deleg Benito Juarez 03020 Mexico DF Tel +52 56 55 36 56 08 ext 118Fax +52 55 55 36 55 66 ext 116Email rramirezrojasapoyoalcampoorgmx

ICMPDMR GOTTFRIED ZUERCHERDeputy Director GeneralInternational Centre for Migration and Policy Development (ICMPD)Moumlllwaldplatz 4A-1040 ViennaAustriaTel +43 1 504 46 77 37Fax +43 1 504 46 77 75Email gottfriedzuerchericmpdorg

IFADMr Henri DOMMELTechnical Advisor Rural FinanceInternational Fund for Agricultural DevelopmentVia del Serafico 10700142 RomeItalyTel +39 06 54591Fax +39 06 5043463 Email hdommelifadorg

IFADMs Rosemary VARGAS-LUNDIUSCountry Portofolio ManagerLatin America and the CaribbeanInternational Fund for Agricultural Development Via del Serafico 10700142 RomeItalyTel +39 06 5459 2350Fax +39 06 5459 3336Email rvargaslundiusifadorg

IIBIMR RUMMAN FARUQICEO amp Director GeneralInstitute of Islamic Banking and Insurance16 Grosvenor CrescentBelgravia London SW1X 7EPUnited KingdomTel +44 20 7245 0404Fax +44 20 7245 9769Email iibiislamic-bankingcom

ILOMs Judith VAN DOORNILO4 route des MorillonsCH 1211 Geneva 22SwitzerlandTel +41 22 799 6937Fax +41 22 799 6896Email vandoorniloorg

ILOMr Johannes BUSSESocial Finance ProgramILO4 route des MorillonsCH 1211 Geneva 22SwitzerlandTel +41 22 799 67 46Fax +41 22 799 68 96Email busseiloorg

IMFMs Maud BOumlKKERINKFinancial Sector ExpertFinancial Market Integrity DivisionMonetary and Financial Systems DepartmentInternational Monetary Fund (IMF)700 19th Street NW Washington DC 20431United States of AmericaTel +1 202 623 6312Fax +1 202 623 7830Email mbokkerinkimforg

INTER-AMERICAN DIALOGUEMr Manuel OROZCOProject DirectorCentral American ProgramInter-American Dialogue 1211 Connecticut Avenue Suite 510Washington DC 20036 United States of AmericaTel +1 202 463 2929Fax +1 202 822 9553Email morozcothedialogueorg

IOMMR GERVAIS APPAVEDirector MPRPIOM17 route des Morillons PO Box 711211 Geneva 19SwitzerlandTel + 41 22 717 9524Email gappaveiomint

IOMMr Nilim BARUAHHead of Labour MigrationMigration Management Services DepartmentIOM Geneva17 route des MorillonsCH-1211 Geneva 19SwitzerlandTel +41 22 717 94 69Email nbaruahiomint

IOMMR GUumlNTHER MUSSIGChief of MissionIOM2a Avenida 10-34 Zona 10Ciudad de GuatemalaGuatemalaTel +502 362 6770Fax +502 362 8371Email ppalaciosoimorggt

IOMMr Eduardo STEINConsultantIOM Guatemala2a Avenida 10-34 Zona 10GuatemalaTel +502 362 83 6770Fax +502 362 8371Email steinoimorggt

MIGRANTS RIGHTS INTERNATIONALMS GENEVIEgraveVE J GENCIANOSProject Manager Migrants Rights International15 Route des Morillons1211 Genegraveve 20Tel +41 22 917 78 17Fax +41 22 917 78 10Email migrantwatchvtxch

NOVIB - OXFAMMs Leila RISPENS-NOEL Programme Manager NOVIB Oxfam Netherlands Bureau Popular Campaigning (Migrants and Refugees) Mauritskade 9 PO Box 30919 2500 GX The Hague The Netherlands Tel +31 70 3421869 Fax +31 70 3614461 E-mail leilarispens-noelnovibnl

OECDMr Christopher PERRETEconomistSahel and West Africa ClubOECD94 Rue Chardon Lagache75016 ParisFranceTel +33 1 45 24 82 83Fax +33 1 45 24 90 31Email christopheperretoecdorg

OPPORTUNITY INTERNATIONALMr Andrew HOUSEHead of Programmes

UNDPMr Abdusalam OMERProgram Manager for Governance and Financial

Opportunity International UKTel +44 1865 725304Fax +44 1865 295161Email ahouseopportunityorguk

ServicesUNDPCentenary HousePO Box 28832 00200 NairobiKenyaTel +254 20 444 8434Fax +254 20 444 8439Email abdusalamomerundporg

UNLAD-KABAYAN MIGRANTS SERVICES FOUNDATIONMR MICHAEL ANTHONY GABRIELConsultant ndash Enterprise Dev And FinanceUnlad-Kabayan Migrants Services Foundation9-B Mayumi StUP VillageDilimanQuezon CityPhilippinesTel +632 926 01 16Fax +632 433 12 92Email unladkaI-manilacomph

WHOMr Marko VUJICIC PhD Economist EIPOSDHRH World Health Organization 20 Avenue Appia CH - 1211 Geneva 27 Switzerland Tel +41 22 791 23 83 Fax +41 22 791 47 47 Email vujicicmwhoint

WSBIMr Chris DE NOOSEChairman of the Management CommitteeWorld Savings Bank Institute (WSBI)Rue Marie-Therese 11B-1000 BrusselsBelgiumTel +322 211 1111Fax +322 2 11 1199Email chrisdenoosesavings-bankscom

WSBIMr Norbert BIELEFELDDeputy DirectorBusiness CooperationWorld Savings Bank Institute (WSBI)Rue Marie-Therese 11B-1000 BrusselsBelgiumTel +322 211 11 27Fax +322 2 211 11 99Email norbertbielefeldsavings-bankcom

WSBIMs Antonique KONINGAdvisor Industrial RelationsFinancial Sector DevelopmentWorld Savings Bank Institute (WSBI)Rue Marie-Therese 11B-1000 BrusselsBelgiumTel +322 211 1131Fax +322 2 11 1199Email antoniquekoningsavings-bankscom

REGIONAL BANKS

AFRICAN DEVELOPMENT BANK (AFDB)MS INEacuteS SAGRARIOBusiness Development SpecialistPrivate Sector Department African Development BankBP 323 2002 Tunis BelveacutedegravereTunisiaTel +216 71 850 270Fax +216 71 834 178Email isagrarioafdborg

ASIAN DEVELOPMENT BANK (ADB)MR MUHAMMAD QUIBRIAAdvisor Operations Evaluations DepartmentAsian Development Bank (ADB)Po Box 789ManilaPhilippines Tel +632 632 4130 Fax +632 636 2161 Email mgquibriaadborg

ASIAN DEVELOPMENT BANK (ADB)Ms Vicky TANCredit Review SpecialistPrivate Sector Operations Department

EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD)Ms Aurora FERRARIAnalyst

Asian Development Bank (ADB)6 Adb AvenueMandaluyong City 0401Metro ManilaPhilippinesTel +632 632 6482Fax +632 632 2347Email vctanadborg

European Bank for Reconstruction and Development (EBRD)One Exchange Square London EC2A 2JNUnited KingdomTel +44 207 338 7761Fax +44 207 338 6105Email ferrariaebrdcom

EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD)Mr Christophe PERRITAZAdviser to Swiss Executive DirectorEuropean Bank for Reconstruction and Development (EBRD)One Exchange Square London EC2A 2JNUnited KingdomTel +44 207 338 7052Fax +44 207 338 6063Email perritacebrdcom

EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD)Ms Charlotte RUHESenior BankerEuropean Bank for Reconstruction and Development (EBRD)One Exchange Square London EC2A 2JNUnited KingdomTel +44 20 7338 7098Fax +44 20 7338 6119Email ruhecebrdcom

EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD)Mr Peter SANFEYSenior Economist Office of Chief EconomistEuropean Bank for Reconstruction and Development (EBRD)One Exchange Square London EC2A 2JNUnited KingdomTel +44 20 7338 6227Fax +44 20 7338 6110Email SanfeyPebrdcom

INTER-AMERICAN DEVELOPMENT BANK (IADB)Mr Donald F TERRY Manager Multilateral Investment fund Inter-American Development Bank (IADB)1300 New York Avenue NWWashington DC 20577United States of AmericaTel +1 202 942 8211Fax +1 202 942 8100Email donaldtiadborg

ISLAMIC DEVELOPMENT BANK (ISDB)Mr Yusuf BALCIEconomistEPSP DepartmentPO Box 5925 Jeddah 21432 Kingdom of Saudi Arabia Tel +9662 6467427 Fax +9662 646 7478Email YBalciisdborg

ACADEMICS

Dr Roger BALLARDDirectorCentre for Applied South Asian Studies (CASAS)University of ManchesterManchester M13 9PLUnited KingdomTel +44 161 303-1709Fax +44 161 275 3264Email rballardmanacuk

Dr Richard BLACKSussex Centre for Migration ResearchSchool of Social Sciences and Cultural StudiesUniversity of SussexFlamerBrighton BN1 9SJUnited KingdomTel +44 1273 678722Fax +44 1273 620662Email RBlacksussexacuk

Dr Patricia Weiss FAGENSenior AssociateInstitute for the Study of International MigrationGeorgetown University3307 M Street NW Suite 301Washington DC 20007USATel +1 202 687 23 50

Mr Ganesh GURUNG Executive ChairpersonNepal Institute of Development Studies (NIDS)Post Box No 7647KathmanduNepalTel +977 1 4421511Fax +977 1 4427306

Fax +1 202 687 25 41Email pwfgeorgetownedu

Email ganesgrgmoscomnp

Prof Devesh KAPUR Weatherhead Center for Development StudiesHarvard University1033 Massachusetts AvenueCambridge MA 02138United States of AmericaTel +1 617 495 5268Fax +1 617 495 8292Email dkapurlatteharvardedu

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PRIVATE SECTOR

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DFID

Mr David J N STANTON Chief Enterprise Development Advisor1 Palace StreetLondon SW1E 5HEUnited KingdomTel +44 207 023 0263Fax +44 207 023 0797Email d-stantondfidgovuk

Mr Richard BOULTERTeam LeaderFinancial Sector TeamPolicy Division1 Palace StreetLondon SWIE SHETel +44 20 7023 0477Fax +44 20 7023 0437Email r-boulterdfidgovuk

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Department for International Development (DFID)1 Palace StreetLondon SW1E 5HEUnited KingdomTel +44 20 7023 1153Fax +44 20 7023 0437Email j-wimaladhardfidgovuk

10 Gulshan AvenueGulshanDhaka - 1212Tel +88 2 881 0800Fax +88 2 882 4664Email r-islamdfidgovuk

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WORLD BANK

Dr Mamphela RAMPHELEManaging Director1818 H Street NWWashington DC 20433United States of AmericaEmail mrampheleworldbankorg

Mr Cesare CALARIVice President Financial Sector World Bank1818 H Street NWWashington DC 20433United States of AmericaTel +1 202 473 5330Fax +1 202 522 3184Email ccalariworldbankorg

Ms Marilou UY Director Operations and Policy DepartmentFinancial SectorWorld Bank

Mr John PAGEDirectorPRMPR (Poverty Reduction Group)World Bank1818 H Street NW

1818 H Street NWWashington DC 20433United States of AmericaTel +1 202 473 7456Fax +1 202 522 3184Email muyworldbankorg

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CGAPMs Jennifer ISERNLead Microfinance SpecialistCGAP co World Bank1818 H Street NW Washington DC 20433United States of AmericaTel +1 202 473-6479Fax +1 202 522-3744Email jisernworldbank org

IMP

Dr Rolf K JENNYDirectorInternational Migration Policy Programme (IMP)Palais des Nations1211 Geneva 10SwitzerlandTel + 41 22 917 7832Fax +41 22 920 2222Email rkjennygvech

Mr Boris WIJKSTROumlMProgramme OfficerInternational Migration Policy Programme (IMP)Palais des Nations1211 Geneva 10SwitzerlandTel +41 22 917 7856Fax +41 22 920 2222Email bwijkstromgvech

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Ms Alessandra ROVERSIInternational Migration Policy Programme (IMP)

Mr Boris WIJKSTROumlMInternational Migration Policy Programme (IMP)

Ms Melina CHOLMONDELEYProgram Assistant OPDWorld Bank

Mr Archie LAINGDFID

Ms Maryia RASNERInternational Migration Policy Programme (IMP)

Mr Alexandre CASELLAInternational Migration Policy Programme (IMP)

Ms Sarah WIMALADHARMA

C PREPARED OPENING amp CLOSING STATEMENTS

International Conference on Migrant Remittances Development Impact Opportunities for the Financial Sector and Future Prospects

9-10 October 2003 London UK

1 Opening Statement Mr Gareth Thomas Parliamentary Under-Secretary of State

Introduction

1 Welcome to participants from all over the world representing central and private banks government policy makers donors NGOs and academics Thanks to DFIDrsquos partners in planning this conference The World Bank and International Migration Policy Programme

2 Human migration up by 65 in the last two decades has become a major and irreversible global phenomenon As many as 175 million people live today outside their country of birth7 Most migrate to find work Itrsquos a basic human right to migrate and find better opportunities to use onersquos skills and send home hard-earned money

3 Migration and remittances are interconnected and play a critical role in relieving economic vulnerability for poor families all over the world

4 Three quarters of remittances flow to developing countries Much reaches the hands of very poor families Migrant factory workers in the US for example send money home to Mexico and domestic maids and office cleaners in the Gulf States send money home to Sri Lanka and the Philippines

5 This income protects their families against economic shock It finances better healthcare education or investment in business growth offering an escape from poverty Whilst the vast majority of international migrants originate from developing countries this is not exclusively a ldquosouth-northrdquo phenomenonrdquo There are strong migration flows between developing countries especially between low - and middle- income countries Official statistics also neglect huge internal domestic transfers from cites and towns to rural areas

6 There has been a steady increase in global remittances to US$80 billion8 per annum Aggregate flows overtook those for global overseas aid in 1995 and represent as much as 40 of global Foreign Direct Investment The World Bankrsquos 2003 Global Development Finance Report predicts that remittances will continue to rise as poverty conflict and lack of economic opportunity in poorer countries inevitably fuel further migration

7 Furthermore unrecorded remittances are estimated to be double or three times formal volumes Research commissioned by DFID in Nepal in fact estimates that unofficial flows and ldquoremittances in kindrdquo such as consumer goods and machinery are as high as 10 times official flows

8 Latin America and the Caribbean receive the lionrsquos share of remittances with $25 billion in 2002 South Asia receives $16 billion Relative to GDP South Asia is the largest recipient with remittance receipts amounting to 25 of GDP In Africa the picture is heavily skewed by under-reporting or lack of accurate data in two thirds of Sub-Saharan 7 IOM World Migration 2003 Challenges and responses for people on the move World Migration Report series Vol 2 Geneva8 Global Development Finance (GDF) 2003

African countries But one striking example is Lesotho where remittances comprise 25 of GDP

9 A key conclusion we must recognise remittances as a crucial source of development finance They improve capital flows into developing economies and provide foreign exchange They are also less volatile than FDI often increasing in volume when times get tough

10 We need to understand better the needs of migrant workers and their families and harness the goodwill and financial muscle of the diasporas in our effort to conquer poverty We must be aware of criticisms that facilitating remittances encourages ldquothe brain drainrdquo of talent from developing countries But where employment opportunities are limited at home then we must encourage choice and help governments and families use remittances to rebuild receiving countriesrsquo economies

What are the key challenges and opportunities

11 International money transfers have come under intense political scrutiny after September 11 2001 G8 countries including the US France and the UK are seeking to curb funding of international terrorist networks through the Financial Action Task Force (FATF) on money laundering and other bodies The FATF amongst other activities plans to introduce licensing of informal remittance agents in line with formal sector banking standards

12 It is desirable to safeguard international security and to fight organised crime However inappropriate regulation of remittance systems could severely damage the availability and cost of services for the poor Therefore I hope the conference will assess carefully the impact of regulation on both formal and informal systems to ensure that the poor and financially excluded who stand to gain most from more remittances are not disadvantaged

13 According to studies households spend remittances primarily on basic needs such as food clothing or materials for home improvement Often the extra income from remittances is spent on imported products and appliances Traditionally little of this money is saved in formal financial institutions because poor households must first meet basic needs and also because families have no access to banks that accept savings deposits

14 Remittances are not simply international transfers between banks in capital cities but involve domestic transfers too Banking is well developed in most cities but financial infrastructure is weak for payments from the city bank to a recipient in a rural area For many poor people a remittance represents their first exposure to a bank service of any kind

15 The more sophisticated financial markets in the Americas have valuable expertise to offer less advanced Asian and African countries The Multilateral Investment Fund of the Inter-American Development Bank represented here today is a driver of change in the region

16 I welcome the presence at the conference of specialist banks which are lowering the costs of remittances through greater competition and amazing new technology Low-cost satellite mobile telephone systems debit and cash cards and ATM money transfer technologies have vastly improved transfers and should be extended to stimulate formal remittances

Why is DFID interested in remittances

17 We see remittances as a key tool in conquering poverty We want to share international best practice understand key technological innovation and help governments develop positive tax and regulatory frameworks and policies that improve the operation and supervision of financial markets both internationally and nationally

18 Through its Financial Sector Team and its country programmes DFID is seeking with other donors to help build domestic financial infrastructure in developing countries and diversify services to the unbanked poor I encourage banks such as Citibank and Western Union to extend their outreach to rural areas through new partnerships with post offices credit unions hometown associations and microfinance institutions

19 Organizations such as the World Council of Credit Unions agricultural and credit co-operatives and leading microfinance organizations such as Banco Solidario in Ecuador and Prodem in Bolivia are pursuing joint ventures for this purpose These partnerships help to integrate cash transfers with the complementary savings investment leasing and insurance services that poor people need This will leverage capital as remittances held as deposits in the banking system will have multiplier effects as they are lent and relent

20 Informal remittances or the ldquohawalardquo system are also crucial in post-conflict countries such as Afghanistan and Somalia where little or no formal financial infrastructure exists Hawala agents help maintain entire payment systems and channel external funds for reconstruction from donors and the diaspora Remittances should therefore be recognized by governments banks and donors as a fundamental building block of the financial system in post-war situations

21 I wish the conference every success Confident it will improve our understanding of remittances helping us identify the best policy and regulatory frameworks and extend the impact of remittances in reducing global poverty

International Conference on Migrant RemittancesDevelopment Impact Opportunities for the Financial Sector and Future Prospects


2 Opening Statement by Cesare Calari Vice President Financial Sector World Bank

Introduction

Honorable Minister Ladies and Gentlemen let me first thank the honorable Parliamentary Under-Secretary of State Mr Gareth Thomas and DfID for taking on much of the burden of organizing this event with us We in the World Bank greatly appreciate your partnership and this opportunity to explore with you the International Migration Policy Programme and other multilateral and bilateral partners the issue of remittances

If we look back at the last few years the globalization debate has focused primarily on liberalizing trade and capital movements and managing the risks involved in a more open international regime However the people dimension ndash as in migration and remittances ndash is quickly moving to the top of the policy agenda While migration certainly has positive and negative dimensions I think the remittance agenda presents a good opportunity for strengthening the positive sides of migration

I will in my opening Statement briefly lay out why I think remittances are important to developing countries as well as developed countries and the financial sector why the World Bank is interested in this topic and the challenges we face in getting more out of remittances

Development Rationale for Remittances

We are gathered here today because of the shared belief that there is a huge potential for scaling up the impact of remittances on poverty reduction efforts in developing countries

First the amount of remittances going to developing countries is huge and growing rapidly For 2002 the World Bank estimates workersrsquo remittances to all developing countries at more than $80bn That is more than 25 times the size of all Official Development Assistance or more than 40 of all Foreign Direct Investments Since these figures include only those official remittances which enter through formal banking channels it means that the actual size of remittance flows ndash official and unofficial ndash could be twice as large

Second reducing transaction cost for remitters and financial institutions can increase funds substantially We know that a 1 decline in transaction costs would save remitters $800m annually

Third migration may alleviate poverty in sending countries One of the papers to be presented at this conference will argue that on average a 10 increase in the number of migrants leaving a sending country will lead to a 18 decline in the share of people living on less that US$1 per day

I think these examples show evidence of an emerging rationale for development institutions to be involved in remittances I do also note that now may also be an opportune moment Both

politically and in terms of the converging interests of various stakeholders represented here at the conference today

Opportune Moment

Political Commitment

As you may remember world leaders met in Monterrey in March last year at the International Conference on Financing for Development organized by the United Nations to discuss how to increase the financial flows to developing countries The conference resulted in a historic deal Developed countries pledged an additional $15bn in development aid per year

More importantly for us here at this conference agreement was reached on the need to improve the domestic enabling environment for investments in developing countries to develop innovative financing instruments and to ldquoreduce the transfer costs of migrant workersrsquo remittances and create opportunities for development-oriented investmentsrdquo

In other words the international community has expressed its support for making progress on the remittances agenda Today we have a better idea about how to do this than we had in Monterrey though there are still many issues we need to understand better What we need to do now is to capitalize on this political commitment as there will clearly be policy and regulatory changes required both in developing and developed countries

Common Interests

I am hopeful about making such progress because there is significant common interest among the key stakeholders on this agenda

It has been argued that both developed and developing countries have much to gain from an increased flow of workers Many developed countries are ageing and have a need for younger workers to provide social services and to contribute to pension systems that would otherwise be actuarially unviable According to one study (by Walmsley and Winters 2002) world incomes would rise by nearly $160bn if developed countries were to permit movement of labor up to 3 of the total labor force Needless to say such a policy would create a number of political problems and social tensions but it does serve to underscore the potential of better managing the economic aspects of international migration

If we look more narrowly at remittances this is already a huge market Foreign-born nationals account for 10 of the total population in the United States and 5 in Europe and their annual remittances amount to more than $80bn

The formal financial sector already has a share in this market and that will increase as transaction costs come down and financial services are improved We are very interested to hear from you in the financial industry what kind of policy measures are required to reduce your transaction cost

The remitters themselves will obviously have much to gain from lower transaction costs and expanded financial services

Last but not least governments in sending and receiving countries will also benefit from increased transparency and accountability in the management of remittance flows This is true for those countries that are very dependent on remittances and therefore need to understand

and manage these flows carefully It is also true for the international community concerned with the growing security concerns relating to money laundering and terrorist financing Establishing a orderly regime for transferring remittances above the board through the formal financial sector is clearly key

What is the role of the Bank

You may ask why is the World Bank interested in remittances We are exploring this area because it is our mission to assist developing countries fight poverty and fuel growth Remittances are an important source of financing that can support the development of poor countries

Yet we recognize that we are far from the only player on the migration agenda and that other institutions in the UN family have much more direct and important roles to play in forming the international normative framework However I think what we do bring ndash our comparative advantage if you like ndash is a multi-sectoral perspective on remittances poverty and economic growth In addition we have the lending capacity and global presence to work with other institutions to help implement the remittances agenda in developing countries through policy dialogue technical assistance project lending etc We can assist developing countries formulate appropriate regulatory frameworks for managing their remittances train regulators and through our private sector arm ndash the International Finance Corporation ndash build capacity among local financial institutions

We also recognize however that any involvement should only take place if we can demonstrate impact on growth and poverty in developing countries

Challenge

Now turning to our conference I see our challenge as that of taking further steps towards building an orderly transparent and efficient system for transferring remittances that expands the role of the formal financial sector that allows for appropriate regulations in the developing and developed countries and that provides for lower transaction cost and improved access to financial services for remitters

Lessons on how to practically do this are emerging Let me give a few examples

o US-Mexico The US-Mexico Partnership for Prosperity a private-public alliance launched in September 2001 is an action plan to promote economic development in the poorer regions of Mexico and reduce immigration to the United States The US Federal Reserve is working to expand its Federal Reserve Automated Clearing House (FedACH) International service to support two-way credit transactions between the two countries Beginning in the fourth quarter of 2003 the Federal Reserve and Banco de Meacutexico Mexicorsquos central bank will allow US banks to send a payment to Mexico for a surcharge of approximately $060 per item plus the standard FedACH domestic processing fees

o US-Philippines The US Treasury Department and the Philippines Ministry of Finance have created an initiative to reduce the costs of overseas remittance services (through greater competition and efficiency) enhance access to formal remittance systems and ensure compliance with AMLCFT standards In collaboration with the US Federal Deposit Insurance Corporation and the

Federal Reserve the US Treasury Department will work with Filipino counterparts to correct deficiencies in remittance channels understand the role of the private sector strengthen the infrastructure that supports remittances minimize vulnerabilities in that infrastructure promote financial literacy and ensure proper implementation and full compliance with international best practices

o Singapore On June 30 2003 the Monetary Authority of Singapore announced that it would allow banks subject to branching restrictions to set up new branches specifically to provide remittance and money changing services When implemented this new measure will enhance access to formal remittance systems in Singapore and provide foreign workers with more choices and increased convenience in remitting funds to their home country

o Latin America-Spain In January 2003 the Inter-American Development Bank and Caja de Ahorros y Pensiones de Barcelona (La Caixa) a Spanish savings institution agreed to cooperate to enhance the development impact of remittances sent from Spain to Latin America and the Caribbean The IADBrsquos Multilateral Investment Fund (MIF) aims to reduce the cost of remittances by stimulating competition among service providers increasing awareness of remittance services and improving regulatory frameworks for financial services MIF helps microcredit and savings institutions in Latin America and the Caribbean design remittance-related products and services that encourage development and participation in the formal financial sector

Looking forward I will be particularly interested to hear your views on

o What you see as the business case for the development community to work on remittances in an effort to fuel growth and fight poverty in developing countries

o What kind of policies and support are needed to reduce the transaction costs you face in the financial sector

o Which improvement in the financial services and their cost structure is needed to increase remitters use of the formal financial sector

o What kind of information outreach and collaboration with diaspora is needed

In conclusion it is my hope that these two days will result in agreement on the role of remittances in the development agenda and in tangible recommendations that we can jointly follow up on in our effort to establish a more efficient and orderly regime for remittances

Thank you very much for your attention

International Conference on Migrant Remittances Development Impact Opportunities for the Financial Sector and Future Prospects 9-10 October 2003 London UK

3 Closing Statement by Dr Mamphela Ramphele Managing Director World Bank

Introduction

Ladies and Gentlemen I am very happy to be here today I understand that you have had a very productive conference Let me use this opportunity to thank the Department for International Development and the International Migration Policy Programme for working so hard with us to organize this conference Also thanks to all of you representing central banks private financial institutions governments donors NGOs and academics for sharing your knowledge and spending time with us

Conference Observations

Remittances complement efforts by governments in developing and developed countries but are not a substitute Remittances are an important source of development finance In its Global Development Finance report for 2003 the World Bank estimates the total amount of remittances at $80bn However it remains the central responsibility of developing country governments to provide basic social services for poor people And it remains the responsibility of donor governments to provide adequate assistance This is the ldquodealrdquo if you like that was expressed in the Monterrey consensus last year and which was agreed to by the members of the United Nations

Developed countries pledged at the International Conference on Financing for Development in Monterrey an additional $16bn in official development assistance These commitments if they indeed are met translate into an overall aid level of 026 of Gross National Income This is significant but well below the pre-1992 norm of about 033 and ndash of course ndash even further below the UN target of 07 I am happy to see that the UK has increased its aid budget in recent years (about 32 per year over the last five years) You are also the G7 member that provides the most assistance in relative terms ndash about 033 of your Gross National Income

The development assistance you and other donors provide is greatly needed to fund those investments which cannot be financed by developing country governments the private sector or by remittances Development assistance is also key to getting more out of remittances themselves for example by supporting financial sector reform

Developing countries also have to do their part It would be difficult to imagine progress on the remittances agenda without progress on financial sector reform corporate governance anti-corruption and other related issues Developing country governments must take full ownership of the remittances agenda as they do for their own development Development is not something that can be done to people it has to be done by them and with them

While migration does have important financial dimensions ndash which Irsquoll address later ndash we must not forget the skills side In this regard the issue of brain drain has been raised by many as a development problem A recent Bank study also confirms this to be the case in some

countries for example the Dominican Republic El Salvador Jamaica Guatemala and Mexico Other examples that has caught the mediarsquos attention include the UKrsquos hiring of nurses from a number developing countries However migration of skilled labor can also produce positive effects in the sending country This seems to have been the case with the out-migration of Indian IT professionals to the US which has helped fuel the outsourcing of IT services as well as the general growth of the Indian IT sector Clearly more work is needed to understand better the relationship between development and brain drain

You may ask at this point what is the development communityrsquos interest in remittances and why should we spend scarce time money and energy in understanding the issue better Even if the development community can help make a difference in terms of lowering transaction cost or expanding access to financial services why should we I see three good reasons

First remittances have the potential to reduce poverty I know that Richard Adams has presented a study here at the conference suggesting that the remittances received by a country actually help reduce poverty We know that much of the remittances seem to be financing subsistence needs ndash about 74 in El Salvador according to one study In other words remittances seem to be targeted towards families and individuals often poor people These groups can be very hard to reach through other policy measures participatory approaches and the like As such remittances have distinct comparative advantages vis-agrave-vis other sources of finance

Second there is a potential for introducing new and better policies that can help lower transaction cost and expand access to better financial services for example through positive tax incentives and regulatory policies We need to bring down transaction costs which I understand are around 10 We need to develop financial products that better respond to the needs of remitters and their families

Third in attempting to leverage remittances for development we also have the opportunity to leverage the support and knowledge of migrant networks These qualitative dimensions can turn out to be just as important as the remittances with which they are bundled

So what do we need to do in order to make progress on the remittances agenda It will definitely be key for the international institutions the financial sector diasporas academia and NGOs to come together because we deal with an issue that crosses sectoral competencies and mandates Looking forward there are some things we must get right and things we must do

First I encourage you to engage the remitters and their dependents more systematically in order to tap into their knowledge They are the people with the practical knowledge about which transfer systems work and which donrsquot what the funds are spent on what financial services they need They are in the end the clients whose needs we aim to satisfy A better understanding of their life situation is key to developing accessible and cost effective financial products and to designing appropriate policies and regulation

Second efforts to address remittances should be supported by complementary policies in such areas as financial oversight micro finance tax incentives and pension systems We should not treat remittances in isolation Over time when we get a better

understanding of how to address remittances at the country level I see the need for embedding this aspect into the national strategy process in developing countries ndash what we in development jargon call the PRSP process

Third the growing importance of the remittances agenda presents a good opportunity for the international community to come together To address the remittances issue effectively we need a better understanding of migrants and their situation the needs of recipient families what new financial products remitters want the changes needed in regulatory and monitoring mechanisms in the developed and developing countries and the development climate within each developing country No individual institution possesses this knowledge

Several institutions have for a long time played a key role in areas bordering on remittances Let me explicitly recognize the leading role of the International Labor Organization in defining working migrantsrsquo rights and that of the International Organization on Migration in providing research and technical assistance on migration related issues There have clearly been many others involved among the international institutions academia civil society and governments

I have just returned from Paris where I met with a group of young people and representatives of youth organizations assembled from around the world They were also very concerned about migration issues This confirms to me the importance of migration and remittances agenda which you have been addressing at this conference

What we in the World Bank would like to bring to the table is our broad understanding of development our financial capacity and global network among governments academia and civil society We are clearly only one of several actors on the migration area which is why we must work in partnership

Fourth I think efforts to strengthen financial regulations lower transaction costs and expand the role of the formal financial sector is a tremendous opportunity for the financial services companies themselves We are talking about the potential to significantly increase the financial market for remitting funds and related products The potential is there right now The potential down the road for the migrant segment may be even larger Just to give an example in the United States Chinese Americans have the highest household incomes ndash higher than Caucasians Migrant households will soon need savings accounts retirement plans unemployment insurance and so on

Fifth developed country governments should carefully examine what they can do to improve financial sector regulation taxation and relevant policies Improving transparency and increasing the use of a cost effective formal financial sector should be the goal of not just aid ministries but also ministries of finance and economics Coherence between domestic policies and aid policies can prove to be crucial

While the world ponders the opportunities and risks of globalization you can make tangible progress towards a better remittances system Progress that can be felt by millions of poor people the world over Much of the wisdom and resourcefulness to start defining and implementing a better remittances system is already in this room You have the opportunity to make this happen



4 Closing Statement by David Stanton Chief Enterprise Development Adviser DFID

This has been a very exciting conference and I want to thank all of you who took part

The event has raised our international awareness of remittances as a very effective new source of development finance We now know that volumes of global remittances are increasing steadily and are now far bigger then ODA The research shows the strong impact of remittances on reducing poverty We also understand how sound government policies and donor support can help extend services these critical to the poor

This was the first global meeting on this topic It brought together over 100 of us from 42 countries representing central and private banks government policy makers multilateral and bilateral donors NGOs academics and consultants

I was very impressed by the considerable interest and energy in presentations discussions and working groups as we sought to understand how remittances can bring new impetus to development efforts We know they provide invaluable foreign exchange for recipient countries whilst supporting the domestic incomes of tens of millions of poor families across the developing world Global flows of remittances are not only much bigger than ODA but also considerably more efficient in terms of directly reaching the hands of the poor and empowering them to determine their own development However as private capital flows between families remittances cannot substitute for aid

Governments and donors play an important role too by establishing suitable policies and investment conditions that help to extend services to the poor Migrants themselves need a stronger voice on these matters in order to harness the untapped power of global diasporas in shaping economic development in their home countries

We have learned how some countries set policies that actively encourage outward migration and remittances The Philippine Government which has 800000 new migrants each year offers special incentives for remitters in the form of investment options preferential purchase of land tax breaks or facilitation of dual citizenship

Meanwhile private banksrsquo services are becoming ever more sophisticated as competition intensifies and as electronic and satellite technologies drive down costs in this huge and expanding market I am encouraged that Mastercard expects the average cost of sending a small remittance through a formal bank to fall from 15 of transfer value three years ago to 5 in the near future

Banks cannot meet global demand for remittance services Like other investors they are most likely to extend services in countries that have sound macro-economic policies political stability and an improving business climate Yet where formal financial systems are almost entirely absent as in Somalia and Afghanistan sophisticated low-cost ldquohawalardquo or ldquohundirdquo

remittance systems thrive and are the mainstay of national payment systems Formal banks in fact have much to learn from the efficiency and convenience of informal systems

One other important lesson over-hasty northern-based regulation of remittance markets has limited or counterproductive effects unless complementary efforts are made to develop domestic supervisory capacity and financial infrastructure Most informal services cannot possibly comply with present policy and regulatory regimes Regulators therefore need to strike a careful balance - safeguarding financial transparency and curbing financing of terrorism whilst also ensuring that regulation does not block access to remittances or other financial services or drive up delivery costs

We discussed the negative impact on remittance markets of The Financial Action Task Force on Money Laundering in its efforts to curb financing of terrorism The FATFrsquos ldquoKnow Your Customerrdquo principles have created difficulties for millions of clients who possessing no registered address or national identity cards depend on anonymous informal transfers

A more flexible nuanced approach to regulation is needed to bridge the gap between formal and informal sectors and to avoid driving the informal sector underground In this respect it would be useful to develop clearer principles for engagement in the remittance sector

We need to understand patterns of migration their scale and the needs and aspirations of migrant diasporas Good public policies create opportunities for qualified nationals to remain in or return to their countries of origin Migrants can give back to their country of origin not only hard-earned cash but also new skills and knowledge acquired in developed countries This knowledge can counteract the damaging effects of ldquobrain drainrdquo or the loss of cultural economic and intellectual power in developing countries once migrants leave

It is also very important to build up domestic financial infrastructure in developing countries to extend remittances to remote areas There are already many productive partnerships between registered banks and non-bank financial institutions (credit unions microfinance organisations and postal networks) that reach large unbanked populations in rural areas Such partnerships should be encouraged in the remittance sector analagous to the way microfinance spread throughout the world in the 1980s and 1990s

Collectively we need to spread global knowledge and to develop more accurate public data on remittances and migration I encourage you to explore developmental dimensions of remittances maintaining the international dialogue stimulated by this conference

Most important letrsquos build up the synergies between the new understanding of remittance issues at international level and best practice in government banking and donor-funded programmes in particular developing countries

My special thanks to DFIDrsquos joint hosts The World Bank and the International Migration Policy Programme the organisers of the conference the large number of excellent support staff who made it possible and to you all as active participants

Executive Summary

I Introduction

II Content and Structure






3 Measuring Development Impact of Remittances




III Conclusions

IV Working Group Sessions

V Remittance Initiatives Co-ordination Meeting

VI Annexes

A Agenda

Welcome Statements


Cerstin Sander Bannock Consulting

Discussion

Break

Working Groups

Cocktails

Panel Discussion Innovations Strategies And Responses

mohmud HA mohamed CitiBank

Akin ldquoHatchrdquo Toffey MasterCard International

Saad Shire Dahabshiil transfer services limited

Break

Lunch


Summing up of key points and Close

B List of Participants

ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA

ACCION International

Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE

Mr Gottfried ZUERCHER

IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM

Mr Guumlnther MUSSIG

Ms Geneviegraveve J GENCIANOS

Mr Michael Anthony GABRIEL

WSBI

WSBI

Ms Ineacutes SAGRARIO

Mr Muhammad QUIBRIA

Dr Richard BLACK

Dr Sharon STANTON RUSSELL

Ms Cerstin SANDER

Mr Erik MAGDALENO

Mr Mohmud HA MOHAMED

FINMARK TRUST

ICCREA Holding Spa

Mr Jayadeva Jayanthi RAJAKARUNA

Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE

Mr A Louis KASEKENDE

Mr Abraham MWENDA

CGAP

Mr Boris WIJKSTROumlM

Mr Alexandre CASELLA



C Prepared Opening amp Closing Statements


Introduction





TABLE OF CONTENTS

EXECUTIVE SUMMARY3

I INTRODUCTION4

II CONTENT AND STRUCTURE4

1 Trends and Determinants5

2 Maximizing Development Benefits of Migrant Remittances Country Experiences7

3 Measuring Development Impact of Remittances8

4 Remittance Infrastructure Financial Services and Products9

5 Remittance Infrastructure Regulatory and Supervisory Policies10

6 Policy Implications11

III CONCLUSIONS12

IV WORKING GROUP SESSIONS13

V REMITTANCE INITIATIVES CO-ORDINATION MEETING18

VI ANNEXES20

A AGENDA20

B LIST OF PARTICIPANTS23

C PREPARED OPENING amp CLOSING STATEMENTS361 Opening Statement Mr Gareth Thomas Parliamentary Under-Secretary of State36

2 Opening Statement by Cesare Calari Vice President Financial Sector World Bank39

3 Closing Statement by Dr Mamphela Ramphele Managing Director World Bank43

4 Closing Statement by David Stanton Chief Enterprise Development Adviser DFID47


EXECUTIVE SUMMARY








3


I INTRODUCTION







4











5















7









8










9








10










11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction






EXECUTIVE SUMMARY








3


I INTRODUCTION







4











5















7









8










9








10










11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction






I INTRODUCTION







4











5















7









8










9








10










11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction















5















7









8










9








10










11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction



















7









8










9








10










11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction













8










9








10










11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction














9








10










11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction












10










11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction














11





III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction









III CONCLUSIONS


12










13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction














13













14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction

















14













15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction

















15








4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction












4 Next Steps






16







4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction











4 Next Steps


17


18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction






18























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction



























20

VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction





VI ANNEXES

A AGENDA



0800 ndash 0900


0900 ndash 1000



BANK



1000 ndash 1020


1020 ndash 1040


1040 ndash 1100


practical)

1100 ndash 1200

Discussion





0100 ndash 0120



0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction






0120 ndash 0140


0140 ndash 0200


0200 ndash 0230

DISCUSSION

0230 ndash 0300

Break


0300 ndash 0320


Poverty

0320 ndash 0340


0340 ndash 0400


Migrants in the US

0400 ndash 0520


REMITTANCES

0520 ndash 0540


0540 ndash 0600

Discussion





0900 ndash 0920


0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction





0920 ndash 1030


1030 ndash 1045

BREAK



1045 ndash 1145


1145 ndash 0115


Policies Next Steps

0115 ndash 0230

Lunch

0230 ndash 0300





0300 ndash 0320


of Remittances

0320 ndash 0340


0340 ndash 0400




0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction







0400 ndash 0450


DFID


GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction






GOVERNMENTS































































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction

























































REGIONAL BANKS












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction












ACADEMICS














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction














PRIVATE SECTOR














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction














DFID















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction















WORLD BANK



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction



















IMP






SECRETARIAT




Mr Archie LAINGDFID








Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction









Introduction




























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction
























Introduction











Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction






Opportune Moment





Common Interests












Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction










Challenge

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction

















Introduction












































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction









































Executive Summary

I Introduction











III Conclusions



VI Annexes

A Agenda

Welcome Statements



Discussion

Break

Working Groups

Cocktails





Break

Lunch




ALBANIA

Ms Luiza SHEHU JANO

Mr Abul Kalan AZAD

Mr Luc EYRAUD

JAMAICA

Ms Elaine WEIR

LESOTHO

Mr Moeketsi MAJORO

UNITED KINGDOM

Ms Lois E QUINN

Ms Geetha RAO

USA

Ms Lena HERON

USA

ZAMBIA


Ms Maria JARAMILLO

EUROPEAN COMMISSION

FORD FOUNDATION

Mr David MYHRE


IIBI

Mr Rumman FARUQI

ILO

ILO

IOM

Mr Gervais APPAVE

IOM




WSBI

WSBI


Mr Muhammad QUIBRIA

Dr Richard BLACK


Ms Cerstin SANDER

Mr Erik MAGDALENO


FINMARK TRUST

ICCREA Holding Spa


Ms Sushila ZEITLYN

Ms Jane HOBSON

Mr John PAGE


Mr Abraham MWENDA

CGAP







Introduction





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