The amount of money migrants sent to their families in developing countries has grown 51 percent over the last 10 years, allowing millions to emerge from poverty, according to a report released by the International Fund for Agricultural Development (FIDA).
Although shipments sent increased in almost all regions of the world, the jump is mainly a consequence of the high recorded in Asia – 87% in this period.
Fida’s calculations indicate that more than 200 million immigrant workers currently support 800 million family members. By 2017, the UN agency expects that one in seven people in the world will participate in sending or serving customers interested in remittances, whose total value exceeds US $ 450 billion.
The Fida indicates that the earnings of these workers are US $ 3 billion. Of the total, 85% of the money is in the countries that received them. Remittances would amount to just 1 percent of the Gross Domestic Product (GDP) of the nations where these immigrants operate, according to the organization.
Together, however, these remittances account for more than three times the sum of official development assistance. They also surpass the total foreign direct investment (FDI) received by almost all countries with low and medium levels of FDI, said the report, which highlights the importance of money.
“The issue is not so much the money that is sent to the countries of origin, but the effect that these remittances have on people’s lives,” said Fida President Gilbert Houngbo.
“The small sums of $ 200 or $ 300 each immigrant sends to their family represents about 60 percent of the household’s income, which is of enormous importance to the lives of these people and the communities they live in,” he explained. .
The United States, Saudi Arabia and Russia are the top three countries in the ranking of money sent by immigrants. While China, India and the Philippines are the main recipients.
Together, Asia receives more than half of the money sent home by immigrants. Brazil, in 2016 alone, was destined for US $ 2.74 billion in remittances, according to the report.
The costs for the shipment transactions exceed $ 30 billion annually and are especially high when the recipients are in the poorest countries and in remote rural areas.
Fida presented the report on the eve of the start of the World Forum on Remittances, Investment and Development, to be held between tomorrow and Friday at UN headquarters.