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LOD data

MOBILISING DIASPORA REMITTANCES AND INVESTMENTS TO CONTRIBUTE TO THE ECONOMIC DEVELOPMENT AND RESILIENCE OF RURAL HOUSEHOLDS IN SENEGAL AND MALI

Western Africa, regional

Status

Implementation

Aid type

Project-type interventions

Western Africa, regional


Location

-

€ 0
Committed
€ 3,000,000
Used

Description

The initiative is to mobilise the diaspora resources, remittances and investments of Senegalese and Malian migrants for economic development and financial and climate resilience through financial inclusion and the promotion of entrepreneurship for the creation and strengthening of economic activities for remittance-benefiting households, particularly in rural areas, for women and youth who are more likely to migrate. The overall project objective is to maximise the impact of remittances and diaspora investments on rural development. The specific objectives are : 1) Ensure the availability of timely, accurate and reliable data on migrants and diaspora remittance/investment markets or available solutions to maximise their impact for public and private sector stakeholders in Senegal and Mali. 2) Replicate, develop and scale up intervention models that promote access to and use of inclusive financial services associated with money transfers and promote the investment of migrants’ financial resources in favour of relevant Sustainable Development Goals, particularly related to climate, food security, agricultural risk management, gender equality and empowerment, and youth empowerment and economic inclusion. 3) Contribute to strengthening policies and regulatory frameworks that foster cheaper, faster, safer and more inclusive remittances and investments, particularly for rural development. read more close
Year Committed Used
2024 € 0 € 3,000,000

Agency

Type Name Channel code
Government AICS - Italian Agency for Cooperation and Development 11000

Channel reported

Type Name Channel code
Multilateral IFAD (ITALIA) - INTERNATIONAL FUND FOR AGRICULTURAL DEVELOPMENT 41108

Project data

  • IATI IdentifierXM-DAC-6-4-012995-01-0
  • AID012995/01/0
  • Planned start 2024/07/01
  • Planned End 2027/06/30
  • Actual start 2024/12/23
  • Actual end -
  • Bi/Multilateral Bilateral
  • Status Implementation
  • Tied status Untied

Sectors

  • 15190 - Facilitation of orderly, safe, regular and responsible migration and mobility 30.0%
  • 16020 - Employment creation 20.0%
  • 24050 - Remittance facilitation, promotion and optimisation 20.0%
  • 32130 - Small and medium-sized enterprises (SME) development 30.0%

Policy markers

  • Gender Equality significant objective
  • Disaster Risk Reduction(DRR) not targeted
  • Disability not targeted
  • Nutrition not targeted
  • Aid to Environment significant objective
  • Participatory Development/Good Governance significant objective
  • Trade Development significant objective
  • Aid Targeting the Objectives of the Convention on Biological Diversity not targeted
  • Aid Targeting the Objectives of the Framework Convention on Climate Change - Mitigation not targeted
  • Aid Targeting the Objectives of the Framework Convention on Climate Change - Adaptation significant objective
  • Aid Targeting the Objectives of the Convention to Combat Desertification not targeted
  • Reproductive, Maternal, Newborn and Child Health (RMNCH) not targeted

SDGs

  • 10.c - By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent
  • 1.1 - By 2030, eradicate extreme poverty for all people everywhere, currently measured as people living on less than $1.25 a day
  • 8.3 - Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services
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