Kenya to host African Institute for Remittances secretariat

Feb 06, 2014

The African Union Executive Council has selected Kenya to host the African Institute for Remittances (AIR). An agreement between the African Union Commission and Kenya should be concluded soon.

The African Union Executive Council has selected Kenya to host the African Institute for Remittances (AIR). An agreement between the African Union Commission and Kenya should be concluded soon.

Four countries were candidates. This decision marks the beginning of the establishment of the institute, which is expected to be operational in 2015. The commission has been planning the AIR since 2010.

The AU commissioner of social affairs
Dr Mustapha S Kaloko said the AIR should be "a cornerstone in harnessing Diaspora resources for social and economic development in Africa" and called for development partners to support the new institution.

The African Union Commission, the World Bank, the European Commission, the African Development Bank and the International Organization for Migration all agree that the AIR should improve the market for remittances and allow them to contribute more to development.

It is believed the very high transfer costs are hindering potential capital inflows and limiting their impact on economic and social development. The institute should help to remedy this issue.ADNFCR-2976-ID-801691093-ADNFCR