Sending money home: Worldwide remittance flows to developing countries

The International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB) released a study showing that in 2006 migrants working in industrialized countries sent more than US$ 300 billion to developing nations.

These funds are used primarily to meet immediate family needs but a significant portion is also available for savings, credit mobilization and other forms of investment.

The importance of remittances to poverty alleviation is obvious, but the potential multiplier effect on economic growth and investment is also significant.
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