Projects and Programs
The European Commission (EC)–Trust Funded: African Institute For Remittances (AIR) Project
The Project is an initiative in which the World Bank and selected development partners i.e. the European Commission (EC), African Development Bank (AfDB), and the International Organization for Migration (IOM) are collaborating to facilitate the African Union Commission (AUC) and its member states in establishing the African Institute for Remittances (AIR).
The project is funded by a grant from the European Commission (EC) for Euro 1.6m to the World Bank which is the responsible for the overall implementation. The project was signed in December 2009, and launched in June 2010.
The AIR will be anchored within the AU Commission (AUC). A Steering Committee chaired by the AUC has been established, with membership from the AfDB, IOM, and World Bank, and is supported by a small Secretariat based in the AUC. In addition, a Technical Committee has been established and is chaired by the World Bank. It provides a forum for consultation on technical issues related to the project.
Objectives of the project: The core objective of the AIR project is to facilitate the process leading to the creation of the AIR institute, as well as capacity building of Member States of the African Union (AU), remittance senders and recipients, and other stakeholders, to manage remittances. Activities of the project: The AIR project will undertake a number of activities including:
- (i) providing technical assistance to government institutions (central banks, ministries, financial and nonfinancial institutions) on putting in place the necessary regulatory frameworks;
- (ii) carrying out training and capacity building programs of relevant institutions and organizations (e.g., national statistical services departments);
- (iii) studying remittances flows within Africa, which includes North Africa;
- (iv) conducting policy research and dialogue and sharing information on how remittances can contribute to the development of African countries;
- (v) developing content and technology platforms for country-based payment and settlement systems for remittances;
- (vi) developing partnerships between African central banks and remittance service providers and nonbank correspondent agencies to improve financial access; and
- (vii) Disseminating data and research findings on good practices through annual reports, conferences and workshops for stakeholders as well as meetings with the region’s policy makers.
The target groups of the project are Member States of the AU, in particular Ministries of Finance, central banks and financial and non-financial institutions. The key beneficiaries of the project are remittance senders and recipients and the broader African Diaspora, and their families and communities in home countries.