fbpx 48190-001: Promoting Remittance for Development Finance | Asian Development Bank

Regional: Promoting Remittance for Development Finance

Sovereign (Public) Project | 48190-001 Status: Closed

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 Details

Project Officer
Ozaki, Mayumi South Asia Department Request for information
Country
  • Regional
Modality
  • Technical Assistance
Sector
  • Finance
 
Project Name Promoting Remittance for Development Finance
Project Number 48190-001
Country Regional
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8725-REG: Promoting Remittance for Development Finance
Financial Sector Development Partnership Special Fund US$ 200,000.00
TA 8725-REG: Promoting Remittance for Development Finance (Supplementary)
Financial Sector Development Partnership Special Fund US$ 100,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Gender Equity and Mainstreaming
Governance and capacity development
Knowledge solutions
Partnerships
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
Project Outcome
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.
Implementation Progress
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.

Geographical Location Regional
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
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.
Business Opportunities
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.
Procurement None
Responsible ADB Officer Ozaki, Mayumi
Responsible ADB Department South Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SARD
Executing Agencies
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
Timetable
Concept Clearance -
Fact Finding -
MRM -
Approval 26 Sep 2014
Last Review Mission -
Last PDS Update 02 Sep 2016

TA 8725-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
26 Sep 2014 - 26 Sep 2014 30 Nov 2015 30 Nov 2016 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
300,000.00 0.00 0.00 0.00 0.00 25,000.00 325,000.00 26 Sep 2014 257,234.42

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Tenders

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Contracts Awarded

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Procurement Plan

None currently available.