The impact is increased knowledge and incentives to work for better access to formal remittance and enhanced remittance linked investments for productive use of remittances among the DMC participants. The outcome will be ADB's increased operational focus and level of assistances to support remittance receiving DMCs' better access to formal remittance and remittance securitizations.
|Project Name||Promoting Remittance for Development Finance|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Gender Equity and Mainstreaming
Governance and capacity development
Private sector development
|Sector / Subsector||
Finance / Finance sector development - Inclusive finance - Infrastructure finance and investment funds
|Gender Equity and Mainstreaming||Some gender elements|
|Description||The impact is increased knowledge and incentives to work for better access to formal remittance and enhanced remittance linked investments for productive use of remittances among the DMC participants. The outcome will be ADB's increased operational focus and level of assistances to support remittance receiving DMCs' better access to formal remittance and remittance securitizations.|
|Project Rationale and Linkage to Country/Regional Strategy||This S-CDTA aims to improve ADB DMCs remittance intermediation for growth and development. The S-CDTA will conduct an international workshop on Remittances for Development and disseminate knowledge products. The S-CDTA will develop DMCs' potential to expand access to formal financial services to the traditionally financially excluded populations in DMCs to increase the use of formal remittance channels through innovations. It will also promote leveraging remittance flows through securitizations or securitization-type structures. The S-CDTA shall result in a few concrete project concepts for ADB to potentially finance DMCs' remittance sector development.|
|Impact||Increased ADB operational focus and assistance to support remittance-receiving developing member countries (DMCs)' access to formal remittance channels and remittance securitization|
|Description of Outcome||Remittance-receiving DMCs have improved knowledge on options to increase access to formal remittance channels and on remittance-linked investments|
|Progress Toward Outcome||Implementation ongoing.|
|Description of Project Outputs||
1. A successful international workshop on remittance for development conducted
2. Knowledge products produced and disseminated
|Status of Implementation Progress (Outputs, Activities, and Issues)||
Forum on Promoting Remittances for Development Finance was successfully held on 18-19 March 2015.
Diaspora Bond Specialist was engaged to conduct a feasibility study on diaspora bond projects.
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design||On 28 November 2013, SAPF/SARD conducted an in-country workshop on remittance for development in Nepal in coordination with the Ministry of Finance. The workshop discussed the status of remittance and ways to increase formal remittance inflow, financial intermediation for productive use of remittance, and improved access to finance. The workshop included two resource persons from the Philippines (from the central bank of the Philippines, the Commission for Filipinos Overseas). The participants appreciated the workshop especially the knowledge sharing from other DMCs. There were more than 100 participants from the government, regulator, financial institutions, research and academia and media. The workshop was extensively featured in local media.|
|During Project Implementation||Based on the Nepal workshop experience, it is assessed there is a strong demand for knowledge sharing on this subject. The TA concept was also discussed with the finance inclusion working group of Finance CoP.|
|Consulting Services||Three individual consultants (one national Capacity Development and Knowledge Management Specialist for 3 person-months, one international Remittance Specialist for 2 person-months, and one international Securitization Expert for 1 person-month) will be recruited through individual consultant selection method. The national consultant will be recruited for around October 2014 to March 2015 (intermittent basis). The international Remittance Specialist and Securitization Expert will be recruited for around February to March 2015.|
|Responsible ADB Officer||Ozaki, Mayumi|
|Responsible ADB Department||South Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, SARD|
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
|Approval||26 Sep 2014|
|Last Review Mission||-|
|Last PDS Update||02 Sep 2016|
|Approval||Signing Date||Effectivity Date||Closing|
|26 Sep 2014||-||26 Sep 2014||30 Nov 2015||30 Nov 2016||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|300,000.00||0.00||0.00||0.00||0.00||25,000.00||325,000.00||26 Sep 2014||257,234.42|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
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|Title||Document Type||Document Date|
|Promoting Remittance for Development Finance: Technical Assistance Completion Report||TA Completion Reports||Jul 2017|
|Promoting Remittance for Development Finance: Digital Payment Systems, Mobile Money Services and Agent Banking||Consultants' Reports||Aug 2016|
|Promoting Remittance for Development Finance: Sri Lanka Feasibility Study||Consultants' Reports||Jun 2016|
|Promoting Remittance for Development Finance: Bangladesh Feasibility Study||Consultants' Reports||Jun 2016|
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