Help remittance-receiving families to build future: IFAD

President of the International Fund for Agricultural Development (IFAD) Gilbert F Houngbo on Thursday called for continued efforts to help remittance-receiving families build a sustainable future for themselves and their communities.

Houngbo's message comes as the UN General Assembly adopted a resolution on Tuesday which endorses the International Day originally created by IFAD's Governing Council.

The resolution highlights that remittances play a key role in sustainable development, according to a message UNB received from Rome, Italy. In 2017, 200 million migrants sent US$481 billion to remittances-reliant countries of which $466 billion went to developing countries, helping sustain about 800 million people across the world.

This amounts to more than three times the annual official development assistance that countries give in aid. According to IFAD estimates, $6.5 trillion in remittances will be sent to developing countries between 2015 and 2030, involving over 1 billion senders and receivers. Close to half of remittances will go to rural areas where poverty and hunger are the highest.