The work of the Rabat forum on reducing the cost of remittances from the African Diaspora opened on Thursday in Rabat Co-chaired by Morocco and Togo, the Forum aims to determine how to make remittances faster, safer and less expensive and promote the financial inclusion of migrants).
The forum, which is part of the implementation of the 2021-2031 agenda on “African roots and the African diaspora”, aims to carry out an overall reflection on the levers and measures capable of supporting the dynamic remittance flows from the African Diaspora while accelerating associated cost reduction efforts, to align with the 2030 Sustainable Development Goals (SDGs) and Goal 20 of the Global Compact for Safe Migration , orderly and regular (making remittances faster, safer and less expensive and fostering the financial inclusion of migrants).
In order to arrive at practical solutions, the sessions of this event will focus on the proposal of new innovative, digital and inclusive models/channels and the establishment of adequate infrastructures and favorable regulatory frameworks, as well as the establishment of a mapping within the African diaspora in the world, including in skills, so as to optimize and strengthen its involvement in the socio-economic development of their countries of origin.
Participants will also focus on studying the establishment of an e-business platform that will link the African diaspora with investors / project leaders and create an emulation effect by capitalizing on the successes stories of African migrants.
The objective is to channel the financial flows of the diasporas towards the formal economy and to call on the expertise of African nationals to develop innovative models of financial involvement.
Co-chaired by the Minister of Foreign Affairs, African Cooperation and Moroccans Living Abroad, Nasser Bourita and his Togolese counterpart, Robert Dussey, this forum is being held with the participation of representatives of the AU Commissioner to the Development, Trade, Industry and Mines, the AU Commissioner for Health, Humanitarian Affairs and Social Development and the AU Citizens and Diaspora Director (CIDO) as well as representatives Africa’s partners and financial institutions, notably the African Development Bank, the World Bank, the IMF, the European Investment Bank and the European Bank for Reconstruction and Development.
The recommendations subject of the “Conclusions of Rabat” are to be proposed to the AU Summit scheduled for February 2023 with a view to reaching an AU Decision intended to promote and boost the transfer of funds from the African diaspora to the continent, in particular by reducing their cost.
Source : icilome.com