Kenya to Host African Institute for Remittances Secretariat: Institute to be fully operational in 2015

The African Union Commission resolved in 2010 to create AIR in the framework of the Africa-European Union partnership on Migration, Mobility and Employment, to leverage the untapped development potential of remittance flows to the African continent. The magnitude of remittances to and within Africa has grown remarkably in recent years, gaining the attention of the international development community due to their positive impact on the living standards of beneficiaries. However, the precise volume of these remittances is unknown and presumed undercounted. Their transfer cost remains unacceptably high by international standards, and their full potential for economic and social development is largely unexploited. The AIR Project was launched with funding from the European Commission while the World Bank was responsible for overall implementation and execution of the project, in collaboration with the African Development Bank and the International Organization for Migration. The primary objective was to facilitate the AU Member States and the African Union Commission in establishing the Institute of Remittances. The AIR will be anchored within AUC. *Source World Bank/APO  ]]>