The Role of Remittances and Diaspora Investments in Catalyzing Development Finance – Welcome to the United Nations
The Role of Remittances and Diaspora Investments in Catalyzing Development Finance Welcome to the United Nations
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Role of Family Remittances and Diaspora Investment in Financing the SDGs
Held on the margins of the Second Session of the Preparatory Committee (Prep Com) for FfD4, the event will provide an opportunity for governments, UN system, civil society, the private sector, and other key actors to share strategies and partnership initiatives on the role of family remittances and diaspora investment in financing the Sustainable Development Goals (SDGs) and strengthening resilience, and on how digitalization can promote greater financial inclusion. The event is convened by Mexico, Nepal, the International Fund for Agricultural Development (IFAD), and the International Organization for Migration (IOM). The event will be in-person, opening with remarks from high-level representatives from governments, UN system and other stakeholders, followed by an interactive discussion with remarks from the floor.
Objectives of the Event:
- Share strategies and partnership initiatives on the role of family remittances and diaspora investment in financing the SDGs
- Strengthen resilience through family remittances and diaspora investment
- Explore the potential of digitalization in promoting financial inclusion
Convening Organizations:
- Mexico
- Nepal
- International Fund for Agricultural Development (IFAD)
- International Organization for Migration (IOM)
Event Format:
The event will be held in-person and will open with remarks from high-level representatives from governments, UN system, and other stakeholders. This will be followed by an interactive discussion where participants can share their perspectives and insights on the topic.
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 1: No Poverty
- SDG 8: Decent Work and Economic Growth
- SDG 10: Reduced Inequalities
- SDG 17: Partnerships for the Goals
The article discusses the role of family remittances and diaspora investment in financing the SDGs and strengthening resilience. It also mentions the promotion of financial inclusion through digitalization. These issues are directly connected to SDG 1, which aims to eradicate poverty, SDG 8, which focuses on promoting inclusive and sustainable economic growth, SDG 10, which aims to reduce inequalities, and SDG 17, which emphasizes the importance of partnerships for achieving the goals.
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 1.3: Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable.
- Target 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all.
- Target 10.c: By 2030, reduce to less than 3% the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5%.
- Target 17.16: Enhance the Global Partnership for Sustainable Development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources.
Based on the article’s content, the targets mentioned above can be identified. These targets focus on implementing social protection systems, expanding access to financial services, reducing transaction costs of remittances, and enhancing global partnerships.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, the article mentions indicators that can be used to measure progress towards the identified targets. These indicators include:
- Percentage of the population covered by social protection systems
- Number of domestic financial institutions providing access to banking, insurance, and financial services
- Average transaction costs of migrant remittances
- Number of partnerships established to mobilize and share knowledge, expertise, technology, and financial resources
These indicators can be used to track the progress made in implementing social protection systems, expanding access to financial services, reducing transaction costs of remittances, and enhancing global partnerships.
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | Target 1.3: Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable. | Percentage of the population covered by social protection systems |
| SDG 8: Decent Work and Economic Growth | Target 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all. | Number of domestic financial institutions providing access to banking, insurance, and financial services |
| SDG 10: Reduced Inequalities | Target 10.c: By 2030, reduce to less than 3% the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5%. | Average transaction costs of migrant remittances |
| SDG 17: Partnerships for the Goals | Target 17.16: Enhance the Global Partnership for Sustainable Development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources. | Number of partnerships established to mobilize and share knowledge, expertise, technology, and financial resources |
Source: webtv.un.org
