Remittances to developing countries reached $432 billion in 2015
This is three times the amount of development aid, according to the World BankRemittances from migrants to developing countries reached $432 billion (€385 billion) in 2015, which is three times the amount of development aid, the World Bank said in a new report called 'Migration and Development: A role for the World Bank Group'.
The overall impact of migration on the recipient countries is often significant and positive, according to the report seen by Ecofin news agency.
"Remittances are a great way to share prosperity across locations. They can reduce the level of poverty by directly increasing the incomes of poor households".
Contrary to public aid, which must go through official organisations, remittances go directly to families of migrants and are therefore considered more effective in meeting the needs of beneficiaries.
Furthermore, such income is often stable and represents an insurance for the families and victims of economic crises or natural disasters.
In Africa, transfers from migrants to their country of origin increased by 3.4 per cent in 2015 to reach $35.2 billion.