African Dev’t Bank opens 3rd migration fund for Ghana, others

The African Development Bank Group (AfDB) has announced the 3rd call for proposals of the Migration and Development Fund (MDF).

According to the Bank, award amounts will range from €350,000 to €500,000 per project.

In a statement, the AfDB invited not-for-profit organizations, such as migrant associations and NGOs working on migration and development related activities, as well as for profit entities such as financial institutions, money transfer operators, business development companies, etc. from Ghana and other West African countries to apply.

Deadline to submit proposals online is February 28, 2013, the Bank indicated.

The statement said under this call for proposals, the Fund “finance new and innovative ways to reduce the costs of remittances in the West African Economic and Monetary Union (WAEMU).”

Other countries within the Economic Community of West African States (ECOWAS) region will be considered on a case by case basis, it added.

The Bank explains that this call for proposals aims to strengthen and support the development of new and innovative financial products and services which reduce the high cost of money transfers by migrants and diversifies the supply of existing financial solutions to meet the expectations of both migrants and their families in the countries of origin.

The MDF is a joint initiative of the AfDB, the French government, the International Fund for Agricultural Development (IFAD), and the United States Agency for International Development (USAID).

By Ekow Quandzie