€1.4 million provided for the development of SMEs and the financial system in Maghreb and West Africa
The Migration and Development Fund has just approved several grants totalling €1.4 million to six remittances-funded local development projects across the continent.According to the African Development Bank (AfDB), initiatives in Algeria, Benin, Côte d'Ivoire, Morocco, Togo and Tunisia will be funded, InfoPlusGabon reports.
"The objective is to develop local entrepreneurship and micro, small and medium enterprises in underprivileged and rural areas to foster access to employment for youth and women," the organisation stated.
A similar project in Benin and Togo was introduced to develop new financial products and e-banking to foster access to financial services in isolated areas.
The AfDB launched the fund in 2009 in order to promote and support local initiatives from the diasporas in favour of improving knowledge of remittances flows and reduce the costs of transfers, while optimising the use of resources and supporting the development of migrants' country of origin.