African Institute for Remittances (AIR) Project
Send Money Africa is funded as part of the African Institute for Remittances (AIR) Project.
The AIR Project is an initiative in which the World Bank and selected development partners (European Commission, African Development Bank, International Organization for Migration) are collaborating to facilitate the African Union Commission and its member states in establishing the African Institute for Remittances. The Project is funded by a grant from the European Commission to the World Bank, which is responsible for the overall implementation. The Project was signed in December 2009 and launched in June 2010.
The core objectives of the Project are to:
- Facilitate the process leading to the creation of the Institute; and
- Develop the capacity of the Member States of the African Union, remittance senders and recipients, and other stakeholders to implement concrete strategies and operational instruments to use remittances as development tools for poverty reduction.
The Project activities are:
- Providing technical assistance to government institutions (central banks, ministries, financial and nonfinancial institutions) on putting in place the necessary regulatory frameworks;
- Carrying out training and capacity building programs of relevant institutions and organizations (e.g., national statistical services departments);
- Studying remittances flows within Africa, which includes North Africa;
- Conducting policy research and dialogue and sharing information on how remittances can contribute to the development of African countries;
- Developing content and technology platforms for country-based payment and settlement systems for remittances;
- Developing partnerships between African central banks and remittance service providers and non-bank correspondent agencies to improve financial access;
- Disseminating data and research findings; and
- Preparing annual reports, conferences and meetings of policy makers
Results which can be expected from the Project are:
- Facilitation of the creation of the AIR;
- Reduction of remittance transaction costs;
- Dissemination of data on remittance fees in major corridors; and,
- Improvement of the development impact of remittances in selected African countries.
For more information, download the AIR Project brochure (1.4MB, PDF).