Bangladesh: Institutional Support for Migrant Workers' Remittances

Sovereign Project | 42149-012 Status: Approved

Summary

The objective of the proposed Project is to maximize the benefits, and reduce the risks of remittances in order to improve the welfare of migrant workers and their families, especially poor rural households.

Latest Project Documents

Consulting Notices See also: CMS

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Procurement Documents


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Project Name Institutional Support for Migrant Workers' Remittances
Project Number 42149-012
Country Bangladesh
Project Status Approved
Project Type / Modality of Assistance Grant
Source of Funding / Amount
Grant 9153-BAN: Institutional Support for Migrant Workers' Remittances
Japan Fund for Poverty Reduction US$ 2.00 million
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Partnerships
Sector / Subsector

Finance - Inclusive finance

Gender Equity and Mainstreaming Effective gender mainstreaming
Description The objective of the proposed Project is to maximize the benefits, and reduce the risks of remittances in order to improve the welfare of migrant workers and their families, especially poor rural households.
Project Rationale and Linkage to Country/Regional Strategy The objective of the proposed Project is to maximize the benefits, and reduce the risks of remittances in order to improve the welfare of migrant workers and their families, especially poor rural households by providing institutional support for the promotion of formal and semi-formal remittance services and other support services using the country?s well-established microfinance network. The proposed Project is in line with developing inclusive economic growth and empowerment of the poor in the Country Strategy for Bangladesh (2006-2010).
Impact Sustainable welfare improvement and poverty reduction of migrant workers' households

Project Outcome

Description of Outcome Increased use of formal remittance and investments by migrant workers and their households in project targeted areas
Progress Toward Outcome As requested by the Government ADB approved a minor change in project scope on 19 March 2013 by replacing the NGOs with formal financial institutions and incorporating the Real time gross settlement (RTGS) system. Mid-term review mission conducted by ADB in August 2015. Grant has been extended up to 15 April 2016. RTGS system installed at BB. Go-live of RTGS held on 29 October 2015, and a seminar on the same held on 31 October 2015. ADB approved re-allocation of grant funds. MOEWOE recruited two consultants and report produced by them are in place. Consultants tasks have been completed on 31 Dec 2015.
Implementation Progress
Description of Project Outputs

A. Remittance and Payment System Infrastructure Development

B. Remittance Information Dissemination and Awareness Creation

C. Enterprise Development Support for Migrant Workers' Households

Status of Implementation Progress (Outputs, Activities, and Issues)

Real-time gross settlement went live on 29 October 2015.

RTGS rules and guidelines developed in mid-September 2015.

First seminar held on 31 October 2015.

RTGS operational on 29 October 2015.

Consultant recruitment was delayed. The information dissemination strategy is in place.

Consultant recruitment was delayed. The dissemination materials are finalized.

Consultant contract completed. Training module and strategy for enterprise development prepared.

Geographical Location Bangladesh

Safeguard Categories

Environment C
Involuntary Resettlement C
Indigenous Peoples C

Summary of Environmental and Social Aspects

Environmental Aspects No negative environmental issues are expected.
Involuntary Resettlement No involuntarry resettlement issues are expected.
Indigenous Peoples The real-time gross settlement system will make the fastest possible money transfer system through the banking channel of migrant workers including indigenous peoples.
Stakeholder Communication, Participation, and Consultation
During Project Design tbd
During Project Implementation tbd

Business Opportunities

Consulting Services Consultants will be recruited according to ADB's Guidelines on the Use of Consultants (2010, as amended from time to time).
Procurement All procurement under the Japan Fund for Poverty Reduction (JFPR) grant will conform to ADB's Procurement Guidelines (2010, as amended from time to time).

Responsible Staff

Responsible ADB Officer Nazmul Alam
Responsible ADB Department South Asia Department
Responsible ADB Division Bangladesh Resident Mission
Executing Agencies
Ministry of Finance
Economic Relations Division (ERD), MOF
Sher-e-Bangla Nagar, Dhaka_1207
Bangladesh

Timetable

Concept Clearance 19 May 2008
Fact Finding 07 Jul 2008 to 17 Jul 2008
MRM -
Approval 18 Jan 2011
Last Review Mission -
PDS Creation Date 20 Jun 2008
Last PDS Update 22 Feb 2016

Grant 9153-BAN

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
18 Jan 2011 18 Jan 2012 18 Jan 2012 18 Jan 2015 15 Apr 2016 -
Financing Plan Grant Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 2.00 Cumulative Contract Awards
ADB 0.00 18 Jan 2011 0.00 1.84 92%
Counterpart 0.00 Cumulative Disbursements
Cofinancing 2.00 18 Jan 2011 0.00 1.71 86%
Status of Covenants
Category Sector Safeguards Social Financial Economic Others
Rating Satisfactory - - Satisfactory - Satisfactory

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

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Related Publications

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