Remittances related financing

African Diaspora Marketplace
The African Diaspora Marketplace (ADM) is a business plan competition designed to support the entrepreneurial spirit and resources of the U.S.-based African diaspora[1] community to promote economic development in Sub-Saharan Africa by facilitating diaspora direct investment (DDI) in viable small and medium enterprises[2] (SMEs). Specifically, the ADM will catalyze job creation, income generation and the delivery of vital goods and services by providing matching grants to African diaspora members working in partnership with African-based enterprises and/or entrepreneurs. Sponsored by the United States Agency for International Development (USAID) and Western Union Company, the ADM has been launched in response to the diaspora’s significant and growing contribution to Sub-Saharan Africa’s development.

Migration for Development
The overall objective of the Joint Initiative is to support civil society organizations and local authorities seeking to contribute to linking migration and development. The Joint Initiative also aims to 1) set up and reinforce networks of actors working on migration and development and 2) identify good practice in this field and share information on what actually works at the local and international level among those who are active in this field with a view to 3) feeding into policy-making on migration and development.

Financing facility for remittances
IFAD’s US$18 million multi-donor facility, Financing Facility for Remittances, increases economic opportunities for the rural poor through the support and development of innovative, cost-effective, and easily accessible international and/or domestic remittance services. The main objective of the Facility is to support projects and activities that:
* reduce the transfer costs of remittances
* develop institutional partnership
* bank the unbanked rural population
* promote innovative remittance and financial services
* promote productive rural investment of migrants’ capital in their countries of origin.

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