World Bank, Greenback Project 2.0
With $436 billion officially recorded remittance flows to developing countries in 2014, remittances are a critical source of national and families’ income, contributing to the economic and social development of many countries in the world. It is estimated that about 20 percent of the funds received could be invested in productive activities and small businesses but there are still many barriers that prevent remittances from meting their development potential.
To promote an efficient market reducing costs for remittances means creating new possibilities for migrant’s family at home and higher opportunity of social and economic development in their countries. Through remittances migrants can have the role of agents of development in their countries, improving living conditions of their families, supporting education for development of human capital, investing in local economy both at entrepreneurial level and at social level.