The success of these financial instruments in India and Nigeria shows that patriotic ties can be a powerful incentive for diaspora members to invest in their home countries.
Mayumi specializes in financial inclusion, microfinance, SME finance, microinsurance, remittances and payment systems, banks and financial sector reform, and disaster risk finance. Prior to ADB, she worked for the UN International Fund for Agricultural Development (IFAD).
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Every year, millions of people cross borders to work abroad. People migrate for various reasons, but for the majority of migrant workers, they are compelled by poverty and lack of job opportunities in their home countries.
Migrant remittances, a lifeline for many developing countries in Asia and the Pacific, have grown dramatically with barely any support by the public sector or donor agencies. A recent ADB forum discussed how governments can make better use of this money to create domestic job opportunities.
The cost of disasters far outweighs the resources available for recovery. Microfinance could be one way to fill the funding gap.
Microfinance provides post-disaster relief and support quickly, reduces the cost of recovery financing, reduces aid dependency, and builds long-term resilience.
Governments and the private sector should work together to protect migrants’ welfare and channel remittances into productive investments.