Publication: Remittances – A Gateway to Sustainable Development: Lessons Learned from the Implementation of Project Greenback in Albania
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2021-12
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2022-04-05
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This report briefly introduces international remittance flows and their role in the global development agenda. The following chapters describe the work of the WB on financial inclusion and international remittances in Albania, with an emphasis on Project Greenback, and it outlines the local context for the implementation of the project. The final chapters focus on the activities implemented in Albania and derive lessons. The purpose of this report is to inform a wider audience interested in remittances and financial inclusion about the general trends and specific activities the WB has been implementing in Albania.
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“World Bank. 2021. Remittances – A Gateway to Sustainable Development: Lessons Learned from the Implementation of Project Greenback in Albania. © World Bank. http://hdl.handle.net/10986/37265 License: CC BY 3.0 IGO.”
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Publication Remittances – A Gateway to Sustainable Development(Washington, DC, 2022)This report aims to inform a wider audience about the importance of remittances and the specific financial education activities implemented in Kosovo to improve their efficiency. It briefly introduces international remittance flows and their role in the global development agenda, with a particular focus on the impact of the COVID-19 pandemic. The following chapters give an overview of the work of the WB on financial inclusion and international remittances in Kosovo, with an emphasis on project Greenback, and outline the local context for the implementation of the project. 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Countries are also becoming increasingly aware of the income and wealth of overseas diaspora as potential sources of capital. Some countries are showing interest in financial instruments such as diaspora bonds and securitization of future remittances to raise international capital.Publication Revised Outlook for Remittance Flows 2009‐2011 : Remittances Expected to Fall by 5 to 8 Percent in 2009(World Bank, Washington, DC, 2009-03)The authors have revised forecasts for remittance flows in the light of a downward revision to the World Bank's global economic outlook. The authors now expect a sharper decline of 5-8 percent in 2009 compared to earlier projections outlined in migration and development brief 8 (report no. 46715). This decline in nominal dollar terms is small relative to the projected fall in private capital flows or official aid to developing countries. However, considering that officially recorded remittances registered double-digit annual growth in the past few years to reach an estimated $305 billion in 2008, an outright fall in the level of remittance flows as projected now will cause hardships in many poor countries.Publication Remittances to Developing Countries Will Surpass $400 Billion in 2012(World Bank, Washington, DC, 2012-11-20)The officially recorded remittances to developing countries are expected to reach 406 billion dollar in 2012, up by 6.5 percentage from 381 billion dollar in 2011. The true size of remittance flows, including unrecorded flows through formal and informal channels, is believed to be significantly larger. Compared to private capital flows, remittance flows have shown remarkable resilience since the global financial crisis, registering only a modest fall in 2009, followed by a rapid recovery. The size of remittance flows to developing countries is now more than three times that of official development assistance.Publication The U.S.- Honduras Remittance Corridor : Acting on Opportunities to Increase Financial Inclusion and Foster Development of a Transnational Economy(World Bank, 2010)This report on the U.S.- Honduras remittance corridor describes the remittance regulatory and market environment, financial inclusion strategies by financial institutions, transnational economic activities, and the impacts of remittances on the Honduran economy. Six areas provide the focus of this report: (i) regulatory reforms for the remittance market are urgent in order to improve clarity in regulations as well as to include money transfer companies in the regulatory framework; (ii) money service businesses will benefit from an examination of state regulation and their subsequent harmonization and coordination; (iii) rural areas need to improve distributive infrastructure to better reap the benefits of the remittance flows; (iv) financial education and awareness for Honduran migrant communities are critical components with the overall remittance flow equation; (v) the regulatory environment of remittance flows would be greatly enhanced through the promotion, inclusion, and expansion of proper identification; and (vi) public policies can be directed to building an environment for diaspora investments in the community and local business developments for exports to Honduran communities abroad.
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