AFRICA - African Diaspora sends 17 billion dollars home every year; “but transferring money it is still too costly” says African Development Bank

Rome (Agenzia Fides)- Every year African emigrant workers on other continents send between 14 and 17 billion US dollars home to family members or friends in money transfers. This was said in a report published by the African Development Bank which added that this sum corresponds more or less to the sum of the annual budgets of Kenya, Tanzania and Uganda.
This is an important source of income, in many cases fundamental for many African families, but difficulties in transferring emigrant's money must be overcome. Donald Kaberuka chairman of the African Development Bank said the inter-banking system in Africa must be rendered more efficient, and that high cost of money transfers are the main obstacle for the remittances of expatriate African workers.
The costs vary from 5 to 15% of the sum paid in. “We must do what must be done to involve the Diaspora in development in their own countries, removing obstacles to remittances which are an important complement to aid from donor countries ” said Kaberuka.
“For example in Mali” the African Development Bank chairman said “where 3.5 million expatriates live in other parts of Africa, remittances from immigrants in France alone, sent through official channels, amount to 120 billion CFA francs, a sum similar to the development funds which the country receives from donor countries”. The African Development Bank report said remittances from the Diaspora in Morocco, Senegal and Comores are equal, respectively, to 750%, 218% and 346% of development aid. With the difference that official aid is often dispersed in thousands of tricklets whereas remittances of emigrants go directly to the pockets of those who need them. (L.M.) (Agenzia Fides 3/10/2007 righe 29 parole 300)