The International Organization for Migration (IOM) has pledged to support the operationalization of the African Institute of Remittances after Kenyan signed the Host Country Agreement with the African Union Commission.
Speaking the during the signing ceremony on 28 November, Chief of Mission of the IOM Special Liaison Office in Ethiopia Mr. Josiah Ogina noted that African diasporas send home billions of dollars every year, supporting millions of family members and contributing to national development through investment.
He added that the development potential of remittances has often been under-realized, but that the efforts of the African Union’s in establishing the Institute is a significant step towards realizing this potential.
“This capital flow represents a potential major contribution to national development and poverty reduction,” he added during the occasion.
The IOM Country Office in Kenya will support the operationalization of the Institute with technical assistance in establishing administrative systems for the Institute and in staff recruitment and training. It will also support the development and implementation of a resource-mobilization and sustainability strategy.
The African Union settled on Nairobi to host its remittances advisory unit as governments look to encourage emigrants to send money back by making transfers more affordable.
The signing was presided over by Foreign Affairs and International Trade Cabinet Secretary Amina Mohamed and AUC Deputy chairman Erastus Mwencha. Other notable speakers included Treasury Principal Secretary Kamau Thugge and Governor of the Central Bank of Kenya Njuguna Ndungu.