06:34 GMT13 May 2021
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    Migrant workers living in Europe sent as much as $109.4 billion in remittances to their home countries in 2014. Most of the remittances were sent from Russia, the United Kingdom and Germany, according to UN’s International Fund for Agricultural Development (IFAD).

    MOSCOW (Sputnik) — Migrant workers living in Europe sent as much as $109.4 billion in remittances to their home countries in 2014, UN’s International Fund for Agricultural Development (IFAD) found Monday.

    According to IFAD, most of the remittances were sent from Russia, the United Kingdom and Germany.

    Around a third of all remittances went to Balkan and Baltic states, as well as Eastern Europe. The rest was sent to developing countries around the world.

    As many as 150 million people are estimated to have benefited from the remittances.

    The IFAD’s report documents that 40 percent of remittances were sent to rural areas. The fund recommended providing migrant families with improved access to financial services, as well as technical assistance for business development and education programs.

    Earlier on Monday, Kanayo Nwanze, the president of IFAD, told The Financial Times in an interview that the migrant workers in Europe were an "underestimated and under-appreciated" force strengthening local economies.

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    Tags:
    remittances, UN’s International Fund for Agricultural Development (IFAD), Europe
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