Main area: Migration
Theme: Engagement with diaspora
Assessment: ODA-eligible
Provider country: European Commission – DG INTPA
Recipient country: Kazakhstan, the Kyrgyz Republic, Tajikistan, Uzbekistan
Implementing agency: IFAD
Budget (EUR million): 6
Year(s): 2023-2027
Purpose code: 24050
Case number: Migration / 28
Remittances, investment and migrants’ entrepreneurship in Central Asia (REMIT)
The economic integration and resilience of Central Asian migrants has been put at test by the ongoing Russian aggression against Ukraine, the changing migration patterns in the region and the COVID-19 pandemic. The negative impact on income stability, job opportunities and remittance flows requires immediate support to: (i) enable cost-effective, fast and safe transfers in new remittance corridors and new channels; (ii) maximize the impact of these flows; and (iii) strengthen the resilience of migrants, returnees and their families during the crisis and prepare a path towards recovery.
The overall objective of this Action is to promote faster, safer and cheaper transfer of remittances, including their productive use for sustainable development and well-being of migrant workers’ families in Central Asia. The specific objectives of this action are to:
1. Enhance the enabling environment of digital remittance markets in Central Asian countries to also prepare to respond to rapid-changing migration conditions and industry leads.
2. To increase access to formal digital remittances and expand financial inclusion of migrants, remittance families and returnees, with a focus on women and youth in rural areas.
3. To increase the financial and economic integration of families reliant on remittances with focus on the inclusion of returnees, women, and youth.
Contributing to specific objective 1:
Output 1.1 Improved availability of harmonized, timely and accurate data (at least disaggregated by sex) on remittances.
Output 1.2 Enhanced dialogue and co-operation on remittances between regulators, key industry actors, diaspora groups and recipients.
Output 1.3 Improved regulatory capacity and intra-corridor coordination of the responsible authorities.
Contributing to specific objective 2:
Output 2.1 Promoted innovative models, products, services, financial literacy efforts and strategic partnerships to uptake digital remittances, especially for rural households, women and youth.
Output 2.2 Increased number of access points delivering remittances and of remittance-linked financial services, particularly in rural areas.
Contributing to specific objective 3:
Output 3.1. Increased knowledge on the efficient use of social and financial remittances.
Output 3.2 Improved access to local economic opportunities for remittance recipients and returnees.
This activity is deemed ODA-eligible. It primarily focuses on remittances cost reduction and their productive use, both having positive impact on the economic development and welfare of developing countries. The intervention provides not only short-term response to migration patterns due to the Ukraine crisis but it also contributes to longer-term sustainable development, including sustainable reintegration of returnees (Criterion 6).
This work was approved and declassified by the Development Assistance Committee’s Working Party on Development Finance Statistics.
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