News in Brief:
– IFAD launches Migrant Contributions for Development Call for Proposals 2024 for Uzbekistan.
– This initiative aims to leverage remittances for financial inclusion, support migrant reintegration, and spur rural economic development.
The International Fund for Agricultural Development (IFAD) has rolled out the Migrant Contributions for Development Call for Proposals 2024 in a bid to harness the potential of migrant remittances for local development.
IFAD’s initiative, facilitated by the Financing Facility for Remittances, targets the strategic utilisation of remittances to bolster financial and digital inclusion. By channeling funds into rural areas, the aim is to invigorate local economies and empower communities.
A key focus of the call is the sustainable reintegration of migrant returnees into their communities, according to the agency’s document. By providing support for entrepreneurship and income-generating activities, the initiative seeks to ensure that returning migrants become catalysts for local economic development.
The call beckons for innovative proposals that promote digital remittances and related financial services. These proposals should be not only effective but also cost-efficient and scalable, particularly in rural settings where access to financial services may be limited.
Application process
Individual proposals tailored for Uzbekistan, as well as regional proposals encompassing Central Asian countries like the Kyrgyz Republic, Tajikistan, and Kazakhstan, are eligible for consideration. This inclusivity ensures that Uzbekistan’s unique needs and challenges are addressed within a broader regional context.
For local farmers in Uzbekistan, this initiative holds immense promise. By facilitating access to financial services and promoting entrepreneurship, rural communities stand to benefit from increased investment and economic activity. Furthermore, the integration of digital remittance platforms can streamline financial transactions, providing farmers with greater control over their finances.
As the deadline for submissions looms on 7 June 2024, stakeholders in Uzbekistan are urged to seize this opportunity to shape the future of rural development. For more information on proposal guidelines and application procedures, visit the IFAD website.
